JNL SERIES TRUST, 485APOS, 2000-02-14

JNL SERIES TRUST
485APOS, 2000-02-14

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As filed with the Securities and Exchange Commission on February 14, 2000

1933 Act Registration No. 33-87244
1940 Act Registration No. 811-8894

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. [ ]
----
Post-Effective Amendment No. 19 [X]
----

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 20 [X]
----

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JNL SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
- --------------------------------------------------------------------------------
5901 Executive Drive, Lansing, Michigan 48911
(Address of Principal Executive Offices) (Zip Code)
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including Area Code: (517) 394-3400
- --------------------------------------------------------------------------------
Thomas J. Meyer, Esq. with a copy to:
JNL Series Trust
Vice President & Counsel Blazzard, Grodd & Hasenauer P.C.
5901 Executive Drive P.O. Box 5108
Lansing, Michigan 48911 Westport, Connecticut 06881
- --------------------------------------------------------------------------------
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)
immediately upon filing pursuant to paragraph (b)
- ---
on May 1, 2000 pursuant to paragraph (b)
- ---
60 days after filing pursuant to paragraph (a)(1)
- ---
on (date)pursuant to paragraph (a)(1)
- ---
X 75 days after filing pursuant to paragraph (a)(2)
- ---
on (date) pursuant to paragraph (a)(2) of Rule 485.
- ---
This post-effective amendment designates a new effective date for a
- --- previously filed post-effective amendment.
<PAGE>
JNL SERIES TRUST
REFERENCE TO ITEMS REQUIRED BY FORM N-1A

Caption in Prospectus or
Statement of Additional
Information relating to
N-1A Item each Item
- --------- ------------------------

Part A. Information Required in a Prospectus Prospectus
- ------- ------------------------------------ ----------

1. Front and Back Cover Pages Front and Back Cover Pages

2. Risk/Return Summary: Investments, About the Series of the Trust
Risks, and Performance

3. Risk/Return Summary: Fee Table Not Applicable

4. Investment Objectives, Principal About the Series of the Trust
Investment Strategies, and Related Risks

5. Management's Discussion of Fund Not Applicable
Performance

6. Management, Organization and Capital Management of the Trust;
Structure About the Series of the Trust

7. Shareholder Information Investment of Trust Shares;
Share Redemption; Tax Status

8. Distribution Arrangements Not Applicable

9. Financial Highlights Information Financial Highlights

Information Required in a Statement Statement of
Part B. of Additional Information Additional Information
- ------- ------------------------- ----------------------

10. Cover Page and Table Of Contents Cover Page and Table of Contents

11. Fund History General Information and History

12. Description of the Fund and Its Common Types of Investments and
Investments and Risks Management Practices; Additional
Risk Considerations; Investment
Restrictions Applicable to All
Series

13. Management of the Fund Management of the Trust

14. Control Persons and Principal Holders Management of the Trust
of Securities

15. Investment Advisory and Other Services Investment Advisory and Other
Services

16. Brokerage Allocation and Other Practices Investment Advisory and Other
Services

17. Capital Stock and Other Securities Purchases, Redemptions and
Pricing of Shares; Additional
Information

18. Purchase, Redemption and Pricing of Purchases, Redemptions and
Shares Pricing of Shares

19. Taxation of the Fund Tax Status

20. Underwriters Not Applicable

21. Calculation of Performance Data Performance

22. Financial Statements Financial Statements

Part C.
- -------

Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of this Amendment to the Registration Statement.
<PAGE>

JNL(R) SERIES TRUST

PROSPECTUS

May 1, 2000

<PAGE>

JNL(R) SERIES TRUST
5901 Executive Drive o Lansing, Michigan 48911

This Prospectus provides you with the basic information you should know before
investing in the JNL Series Trust (Trust).

The shares of the Trust are sold to life insurance company separate accounts to
fund the benefits of variable annuity contracts and variable life insurance
policies. Shares of the Trust may also be sold directly to qualified retirement
plans. The Trust currently offers shares in the following separate Series, each
with its own investment objective.

JNL/Alger Growth Series
JNL/Alliance Growth Series
JNL/Eagle Core Equity Series
JNL/Eagle SmallCap Equity Series

JNL/J.P. Morgan Enhanced S&P 500 Stock Index Series
JNL/J.P. Morgan International & Emerging Markets Series
JNL/Janus Aggressive Growth Series
JNL/Janus Balanced Series
JNL/Janus Capital Growth Series
JNL/Janus Global Equities Series
JNL/Janus Growth & Income Series
JNL/PIMCO Total Return Bond Series
JNL/Putnam Growth Series
JNL/Putnam International Equity Series
JNL/Putnam Mid-Cap Growth Series
JNL/Putnam Value Equity Series
JNL/S&P Conservative Growth Series I
JNL/S&P Moderate Growth Series I
JNL/S&P Aggressive Growth Series I
JNL/S&P Very Aggressive Growth Series I
JNL/S&P Equity Growth Series I
JNL/S&P Equity Aggressive Growth Series I
JNL/S&P Conservative Growth Series II
JNL/S&P Moderate Growth Series II

JNL/S&P Aggressive Growth Series II
JNL/S&P Very Aggressive Growth Series II
JNL/S&P Equity Growth Series II
JNL/S&P Equity Aggressive Growth Series II
JNL/S&P Conservative Growth Series
JNL/S&P Moderate Growth Series
JNL/S&P Aggressive Growth Series
JNL/SSGA Enhanced Intermediate Bond Index Series
JNL/SSGA International Index Series
JNL/SSGA Russell 2000 Index Series
JNL/SSGA S&P 500 Index Series
JNL/SSGA S&P MidCap Index Series
Lazard/JNL Mid Cap Value Series
Lazard/JNL Small Cap Value Series
PPM America/JNL Balanced Series
PPM America/JNL High Yield Bond Series
PPM America/JNL Money Market Series
Salomon Brothers/JNL Balanced Series
Salomon Brothers/JNL Global Bond Series
Salomon Brothers/JNL High Yield Bond Series
Salomon Brothers/JNL U.S. Government & Quality Bond Series
T. Rowe Price/JNL Established Growth Series

T. Rowe Price/JNL Mid-Cap Growth Series
T. Rowe Price/JNL Value Series

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THE
TRUST'S SECURITIES, OR DETERMINED WHETHER THIS PROSPECTUS IS ACCURATE OR
COMPLETE. IT IS A CRIMINAL OFFENSE TO STATE OTHERWISE.

"Standard & Poor's(R)", "S&P(R)", "S&P 500(R)", "Standard & Poor's 500", "500",
"S&P MidCap 400 Index" and "Standard & Poor's 400 Index" are trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Jackson National
Life Insurance Company. The JNL/J.P. Morgan Enhanced S&P 500 Index Series,
JNL/SSGA S&P 500 Index Series and JNL/SSGA S&P MidCap Index Series are not
sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's
makes no representation regarding the advisability of investing in the Series.
Among the fund options considered are index funds based on the S&P 500 and other
indexes that are published by S&P's affiliate. This affiliate typically receives
license fees from the issuers of such funds, some of which may be based on the
amount of assets invested in the fund. Please see the Statement of Additional
Information which sets forth certain additional disclaimers and limitations of
liabilities on behalf of S&P.

For more detailed information about the Trust and the Series, see the Trust's
Statement of Additional Information (SAI), which is incorporated by reference
into this prospectus.

---------------
<PAGE>

TABLE OF CONTENTS

I. ABOUT THE SERIES OF THE TRUST

INCLUDES A DESCRIPTION OF EACH SERIES, ITS INVESTMENT STRATEGIES AND PRINCIPAL
RISKS; HISTORIC PERFORMANCE; PERFORMANCE MEASURED AGAINST A RELEVANT BENCHMARK;
HIGHEST AND LOWEST PERFORMING QUARTER`S; EXPENSES; AND MANAGEMENT OF THE SERIES.

II. MANAGEMENT OF THE TRUST

MANAGEMENT OF THE SERIES; SERIES EXPENSES; SUB-ADVISORY ARRANGEMENTS; INVESTMENT
OF TRUST SHARES; SHARE REDEMPTION; AND TAX STATUS.

III. FINANCIAL HIGHLIGHTS

THE FINANCIAL HIGHLIGHTS TABLES WILL HELP YOU UNDERSTAND A SERIES' FINANCIAL
PERFORMANCE FOR THE PAST FIVE YEARS, OR FOR THE SHORTER LIFE OF THE SERIES.

<PAGE>
ABOUT THE SERIES OF THE TRUST

JNL/ALGER GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Alger Growth Series is
long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of equity securities -- common
stock, preferred stock, and securities convertible into or exchangeable for
common stock -- of large, U.S.-traded companies. To provide flexibility to take
advantage of investment opportunities, the Series may hold a portion of its
assets in money market investments and repurchase agreements.

o Market risk. Because the Series invests in U.S.-traded equity
securities, it is subject to stock market risk. Stock prices
typically fluctuate more than the values of other types of
securities, typically in response to changes in the particular
company's financial condition and factors affecting the market in
general. For example, unfavorable or unanticipated poor earnings
performance of the company may result in a decline in its stock's
price, and a broad-based market drop may also cause a stock's
price to fall.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

PERFORMANCE. The bar chart and table below show the past performance of the
Series' shares. The chart presents the annual returns since these shares were
first offered and shows how performance has varied from year to year. The table
shows the Series' average annual returns and compares them to a broad based
index. Both the chart and the table assume reinvestment of dividends and
distributions. The Series' returns shown in the chart and table below do not
reflect the deduction of any charges that are imposed under a variable insurance
contract. Those charges, which are described in the variable insurance
prospectus, will reduce the Series' performance. As with all mutual funds, the
Series' past performance does not necessarily indicate how it will perform in
the future.

Average Annual Total Returns as of December 31

13.41% 26.20% 45.66% 33.80%

[Insert Chart]

1996 1997 1998 1999

During the period covered, the Series' highest quarterly return was 25.65% (4th
quarter of 1998) and its lowest quarterly return was -7.37% (3rd quarter of
1998).
Average Annual Total Returns as of December 31, 1999
- ----------------------------------------------------

1 year Life of Series*

JNL/Alger Growth Series 33.80% 27.08%
S&P 500 Index 21.04% 26.67%

The S&P 500 Index is a broad-based, unmanaged index. * The Series began
operations on October 16, 1995.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

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ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
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Management/Administrative Fee 1.07%
- --------------------------------------------------------------------------------
Other Expenses 0%
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Total Series Annual Operating Expenses 1.07%
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- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $109
- --------------------------------------------------------------------------------
3 Years $340
- --------------------------------------------------------------------------------
5 Years $590
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10 Years $1,306
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Alger Growth Series seeks to
achieve its investment objective of long-term capital appreciation by investing
primarily in equity securities of large companies which trade on U.S. exchanges
or in the U.S. over-the-counter market. The Series considers a large company to
be one that, at the time its securities are acquired by the Series, has a market
capitalization of $1 billion or more. These companies typically have broad
product lines, markets, financial resources and depth of management.

The Series may take a temporary, defensive position by investing up to all of
its assets in debt securities (typically of a high grade), cash equivalents and
repurchase agreements. Taking a defensive position may reduce the potential for
appreciation in the Series' portfolio.

The Series may actively trade securities in seeking to achieve its objective.
Doing so may increase transaction costs, which may reduce performance.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Alger Growth
Series is Fred Alger Management, Inc. (Alger Management), which is located at 1
World Trade Center, Suite 9333, New York, New York 10048. Alger Management is
generally engaged in the business of rendering investment advisory services to
institutions and, to a lesser extent, individuals and has been so engaged since
1964.

David D. Alger, President and Chief Investment Officer of Alger Management, is
primarily responsible for the day-to-day management of the Series. He has been
employed by Alger Management as Executive Vice President and Director of
Research since 1971, and as President since 1995. He serves as portfolio manager
for other mutual funds and investment accounts managed by Alger Management.
Ronald Tartaro also participates in the management of the Series. Mr. Tartaro
has been employed by Alger Management as a senior research analyst since 1990
and as a Senior Vice President since 1995. Mr. Alger and Mr. Tartaro have had
responsibility for the day-to-day management of the Series since the inception
of the Series.
<PAGE>
JNL/ALLIANCE GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Alliance Growth Series
is long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stocks or securities
with common stock characteristics, which include securities convertible into or
exchangeable for common stock. The Series invests primarily in high-quality U.S.
companies, generally those of large market capitalization. The Series may invest
a portion of its assets in foreign securities. The potential for appreciation of
capital is the basis for investment decisions. Whatever income the Series'
investments generate is incidental to the objective of capital growth.

o Market risk. Because the Series invests in stocks of U.S. and
foreign companies, it is subject to stock market risk. Stock
prices typically fluctuate more than the values of other types of
securities, typically in response to changes in the particular
company's financial condition and factors affecting the market in
general. For example, unfavorable or unanticipated poor earnings
performance of the company may result in a decline in its stock's
price, and a broad-based market drop may also cause a stock's
price to fall.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid securities markets. Investments in foreign countries
could be affected by factors not present in the U.S., such as
restrictions on receiving the investment proceeds from a foreign
country, foreign tax laws, and potential difficulties in
enforcing contractual obligations. Transactions in foreign
securities may be subject to less efficient settlement practices,
including extended clearance and settlement periods. Foreign
accounting may be less revealing than American accounting
practices. Foreign regulation may be inadequate or irregular.
Owning foreign securities could cause the Series' performance to
fluctuate more than if it held only U.S. securities.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31
28.23%
[Insert Chart]
1999

In the period shown in the chart, the Series' highest quarterly return was
17.69% (4th quarter of 1999) and its lowest quarterly return was -5.30% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/Alliance Growth Series 28.23% 33.64%
S&P 500 Index 21.04% 21.78%

The S&P 500 Index is a broad-based, unmanaged index.
*The Series began operations on March 2, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .875%
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Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .875%
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- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $89
- --------------------------------------------------------------------------------
3 Years $279
- --------------------------------------------------------------------------------
5 Years $485
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10 Years $1,078
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ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Alliance Growth Series seeks to
achieve its investment objective of long-term growth of capital by investing
primarily in common stocks or securities with common stock characteristics that
the sub-adviser believes have the potential for capital appreciation. In
selecting equity securities, the sub-adviser considers a variety of factors,
such as an issuer's current and projected revenue, earnings, cash flow and
assets, as well as general market conditions. Because the Series holds
securities selected for growth potential rather than protection of income, the
value of the Series' portfolio may be more volatile in response to market
changes than it would be if the Series held income-producing securities.

The Series may use derivative instruments, such as futures contracts, options
and forward currency contracts, for hedging and risk management. These
instruments are subject to transaction costs and certain risks, such as
unanticipated changes in securities prices and global currency markets.

The Series may take a temporary, defensive position by investing a substantial
portion of its assets in U.S. government securities, cash, cash equivalents and
repurchase agreements. Taking a defensive position may reduce the potential for
appreciation in the Series' portfolio. The Series may actively trade securities
in seeking to achieve its objective. Doing so may increase transaction costs,
which may reduce performance.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Alliance
Growth Series is Alliance Capital Management L.P. (Alliance), with principal
offices at 1345 Avenue of the Americas, New York, New York 10105. Alliance is a
major international investment manager whose clients primarily are major
corporate employee benefit funds, investment companies, foundations, endowment
funds and public employee retirement systems.

James G. Reilly, Senior Vice President of Alliance, and Syed Hasnain, Senior
Vice President and Large Cap Growth Portfolio Manager of Alliance, share the
responsibility for the day-to-day management of the Series. Mr. Reilly joined
Alliance in 1984. Mr. Hasnain joined Alliance in 1993. Mr. Reilly has had
responsibility for the day-to-day management of the Series since the inception
of the Series. Mr. Hasnain has shared responsibility for the day-to-day
management of the Series since January 1999.
<PAGE>
JNL/EAGLE CORE EQUITY SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Eagle Core Equity
Series is long-term capital appreciation and, secondarily, current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stock of U.S. companies
that meet the criteria for one of three separate equity strategies: the growth
equity strategy, the value equity strategy and the equity income strategy.

o Under the GROWTH EQUITY STRATEGY, the sub-adviser invests in
securities which it believes have sufficient growth potential to
offer above-average, long-term capital appreciation. The
sub-adviser seeks securities of companies which:

-- have projected earnings growth and return on equity greater
than 15%,

-- are dominant in their industries, and

-- have the ability to create and sustain a competitive
advantage.

o Under the VALUE EQUITY STRATEGY, the sub-adviser invests in
securities which it believes indicate above-average financial
soundness and high intrinsic value relative to price. These
securities or their respective issuers have at least one of the
following characteristics when acquired for the Series:

-- price-to-earnings ratio or price-to-book value ratio of less
than or approximately equal to 75% of the S&P 500,

-- yield that approximates at least half of the average yield
to maturity of the Lehman Brothers Long Treasury Bond Index
(or similar index),

-- per share going concern value that, in the sub-adviser's
judgment, exceeds book value and market value, or

-- long-term debt equal to or below tangible net worth.

o Under the EQUITY INCOME STRATEGY, the sub-adviser invests in
income-producing securities.

The sub-adviser divides the Series' assets among each of these three strategies,
with about 40% of the assets allocated to each of the growth equity and value
equity strategies and about 20% to the equity income strategy.

o Market risk. Because the Series invests primarily in stocks of
U.S. companies, it is subject to stock market risk. Stock prices
typically fluctuate more than the values of other types of
securities, typically in response to changes in the particular
company's financial condition and factors affecting the market in
general. For example, unfavorable or unanticipated poor earnings
performance of the company may result in a decline in its stock's
price, and a broad-based market drop may also cause a stock's
price to fall.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

32.35% 16.54% 23.55%

[Insert Chart]

1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
18.43% (4th quarter of 1998) and its lowest quarterly return was -10.99% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31,1999
1 year Life of Series*

JNL/Eagle Core Equity Series 23.55% 23.96%
S&P 500 Index 21.04% 28.10%

The S&P 500 Index is a broad-based, unmanaged index. * The Series began
operations on September 16, 1996.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 0.99%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.99%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $101
- --------------------------------------------------------------------------------
3 Years $315
- --------------------------------------------------------------------------------
5 Years $547
- --------------------------------------------------------------------------------
10 Years $1,213
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. Under the growth equity strategy, the
sub-adviser selects common stocks in part based on its opinions regarding the
sustainability of the company's competitive advantage in the marketplace and the
company's management team. The sub-adviser looks for securities of companies
which have an exceptional management team and which have the potential to
increase market share and drive earnings per share growth. If a particular stock
appreciates to over 5% of the total assets of the portfolio, the sub-adviser
typically will reduce the position to less than 5%. Generally, the sub-adviser
will sell a stock if its price appreciates to a level that the sub-adviser views
as not sustainable or to purchase stock that the sub-adviser believes presents a
better investment opportunity.

Under the value equity strategy, the sub-adviser screens a universe of over
2,500 companies. From this universe, the sub-adviser makes selections based on
its projections of the company's growth in earnings and dividends, earnings
momentum, and undervaluation based on a dividend discount model. The sub-adviser
develops target prices and value ranges from this analysis and makes portfolio
selection from among the top-rated securities. The sub-adviser will typically
sell a security if the security reaches its target price, negative changes occur
with respect to the issuer or its industry, or there is a significant change in
one or more of the four characteristics applicable to the security's selection.
However, the Series may continue to hold equity securities that no longer meet
the selection criteria but that the sub-adviser deems suitable investments in
view of the Series' investment objective.

Under normal market conditions, the Series invests at least 65% of its assets in
the common stock of U.S. companies and may invest the balance in other
securities, such as common stock of foreign issuers, corporate debt obligations,
U.S. Government securities, preferred stock, convertible stock, warrants and
rights to buy common stock, real estate investment trusts, repurchase agreements
and money market instruments. Investing in foreign securities presents
additional risks, such as those related to currency fluctuations and adverse
political or economic conditions affecting a foreign country. Although the
Series emphasizes investment-grade securities (or unrated securities that the
sub-adviser deems to be of comparable quality), the Series may invest in
non-investment-grade securities. A non-investment grade security may fluctuate
more in value, and present a greater risk of default, than a higher-rated
security.

The Series may also use derivative instruments, such as options, futures
contracts and indexed securities, which are subject to transaction costs and
certain risks, such as unanticipated changes in securities prices.

For temporary defensive purposes during actual or anticipated periods of general
market decline, the Series may invest up to 100% of its assets in high-grade
money market instruments, including U.S. Government securities, and repurchase
agreements secured by such instruments, as well as other high-quality debt
securities. Taking a defensive position may reduce the potential for
appreciation in the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Eagle Core
Equity Series is Eagle Asset Management, Inc. (Eagle), 880 Carillon Parkway, St.
Petersburg, Florida 33716. Eagle is a wholly owned subsidiary of Raymond James
Financial, Inc. Eagle and its affiliates provide a wide range of financial
services to retail and institutional clients.

In its capacity as sub-adviser, Eagle supervises and manages the investment
portfolio of the Series. Mr. Ashi Parikh, Managing Director and Portfolio
Manager, is responsible for the day-to-day management of the growth equity
strategy. Mr. Parikh joined Eagle in April 1999, after serving as Managing
Director at Banc One Investment Advisers in Columbus, Ohio. Mr. Lou Kirschbaum,
Senior Vice President and Portfolio Manager and Mr. David Blount, Senior Vice
President and Portfolio Manager, as co-managers, are responsible for the
day-to-day management of both the value equity and the equity income strategies.
They assumed responsibility for the value equity strategy in January 1999; they
have been responsible for the equity income strategy since the inception of the
Series. Mr. Kirschbaum has been with Eagle since 1986, and Mr. Blount joined
Eagle in 1993.
<PAGE>
JNL/EAGLE SMALLCAP EQUITY SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Eagle SmallCap Equity
Series is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of equity securities of domestic
small capitalization companies, i.e., companies which, at the time of purchase,
typically have a market capitalization under $1 billion. The sub-adviser employs
a bottom-up approach to identify rapidly growing, under-researched small
capitalization companies that appear to be undervalued in relation to their long
term earnings growth rate or asset value. The sub-adviser generally invests in
companies which have accelerating earnings, reasonable valuations (typically
with a price-to-earnings ratio of no more than 75% of the earnings growth rate),
strong management that participates in the ownership of the company, reasonable
debt, and a high or expanding return on equity. The Series' equity holdings
consist primarily of common stocks, but may also include preferred stocks and
investment grade securities convertible into common stocks and warrants.

o Small cap investing. Investing in smaller, newer companies
generally involves greater risks than investing in larger, more
established ones. The companies in which the Series is likely to
invest 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. In addition, many small capitalization
companies may be in the early stages of development. Accordingly,
an investment in the Series may not be appropriate for all
investors.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

27.64% 1.18% 19.27%

[Insert Chart]

1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
29.40% (2nd quarter of 1999) and its lowest quarterly return was -23.92% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Eagle SmallCap Equity Series 19.27 19.09%
Russell 2000 Index 21.35% 13.64%

The Russell 2000 Index is a broad-based, unmanaged index.
* The Series began operations on September 16, 1996.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.05%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $107
- --------------------------------------------------------------------------------
3 Years $334
- --------------------------------------------------------------------------------
5 Years $579
- --------------------------------------------------------------------------------
10 Years $1,283
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Eagle SmallCap Equity Series
invests primarily in the equity securities of small capitalization U.S.
companies. However, it may also invest in American Depositary Receipts of U.S.
traded foreign issuers, U.S. Government securities, repurchase agreements and
other short-term money market instruments.

For temporary, defensive purposes during actual or anticipated periods of
general market decline, the Series may invest up to 100% of its assets in
high-grade money market instruments, including U.S. Government securities, and
repurchase agreements secured by such instruments, as well as other high-quality
debt securities. Taking a defensive position may reduce the potential for
appreciation in the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Eagle
SmallCap Equity Series is Eagle Asset Management, Inc. (Eagle), 880 Carillon
Parkway, St. Petersburg, Florida 33716. Eagle and its affiliates provide a wide
range of financial services to retail and institutional clients.

Bert L. Boksen, Senior Vice President and Portfolio Manager of Eagle, is
responsible for the day-to-day management of the Series. Mr. Boksen joined Eagle
in April 1995 and has portfolio management responsibilities for its small cap
equity accounts. Prior to joining Eagle, Mr. Boksen was employed for 16 years by
Raymond James & Associates, Inc. in its institutional research and sales
department. While employed by Raymond James & Associates, Inc., Mr. Boksen
served as co-head of Research, Chief Investment Officer and Chairman of the
Raymond James & Associates, Inc. Focus List Committee. Mr. Boksen has had
responsibility for the day-to-day management of the Series since the inception
of the Series.
<PAGE>

JNL/J.P. MORGAN ENHANCED S&P 500 STOCK INDEX SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/J.P. Morgan Enhanced
S&P 500 Stock Index Series is to provide high total return from a broadly
diversified portfolio of equity securities.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of large- and
medium-capitalization U.S. companies. The Series owns a large number of stocks
within the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index),
generally tracking the industry weighting of that Index. Within each industry,
the Series modestly overweights stocks that the sub-adviser regards as
undervalued or fairly valued and modestly underweights or does not hold stocks
that the sub-adviser determines are overvalued. By so doing, the Series seeks
returns that slightly exceed those of the S&P 500 Index over the long term with
virtually the same level of volatility. The Series' foreign investments
generally reflect the weightings of foreign securities in the S&P 500 Index.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

PERFORMANCE. The performance of the Series will vary from year to year. The
Series' performance figures will not reflect the deduction of any charges that
are imposed under a variable insurance contract. Those charges, which are
described in the variable insurance prospectus, will reduce the Series'
performance. As with all mutual funds, the Series' past performance does not
necessarily indicate how it will perform in the future.

Performance for the Series has not been included because the Series had not been
in operation for a full fiscal year as of December 31, 1999.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .90%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .90%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $92
- --------------------------------------------------------------------------------
3 Years $287
- --------------------------------------------------------------------------------
5 Years $498
- --------------------------------------------------------------------------------
10 Years $1,108
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
STRUCTURED STOCK SELECTION COMPOSITE S&P 500
- ------------------------------------------------------------ ------------------------------------------------------------
Date Monthly Quarterly Annual Trailing Returns Date Monthly Quarterly Annual Trailing Returns
- -------- ------- -------- ------- ------------------- -------- ------- --------- ------ --------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Nov-1989 2.00 Quarter 12.28 Nov-1989 2.04 Quarter 14.88
Dec-1989 2.34 YTD 19.35 Dec-1989 2.40 2.06 31.69 YTD 21.04
Jan-1990 -6.11 1 year 19.35 Jan-1990 -6.71 1 year 21.04
Feb-1990 1.70 2 years 25.75 Feb-1990 1.29 2 years 24.75
Mar-1990 2.76 -1.88 3 years 28.43 Mar-1990 2.65 -3.01 3 years 27.56
Apr-1990 -2.62 4 years 27.26 Apr-1990 -2.50 4 years 26.39
May-1990 9.62 5 years 29.42 May-1990 9.75 5 years 28.55
Jun-1990 -0.43 6.29 6 years 24.52 Jun-1990 -0.68 6.29 6 years 23.55
Jul-1990 -0.44 7 years 22.45 Jul-1990 -0.32 7 years 21.53
Aug-1990 -8.64 8 years 21.12 Aug-1990 -9.04 8 years 19.70
Sep-1990 -5.51 -14.04 9 years 22.18 Sep-1990 -4.87 -13.74 9 years 20.85
Oct-1990 -0.95 10 years 19.45 Oct-1990 -0.43 10 years 18.21
Nov-1990 6.88 Nov-1990 6.46
Dec-1990 2.73 8.75 -2.51 Dec-1990 2.79 8.96 -3.11
Jan-1991 5.51 Jan-1991 4.36
Feb-1991 8.02 Feb-1991 7.15
Mar-1991 2.07 16.33 Mar-1991 2.42 14.53
Apr-1991 0.79 Apr-1991 0.24
May-1991 4.93 May-1991 4.31
Jun-1991 -5.45 -0.01 Jun-1991 -4.58 -0.23
Jul-1991 5.16 Jul-1991 4.66
Aug-1991 2.30 Aug-1991 2.37
Sep-1991 -2.32 5.09 Sep-1991 -1.67 5.35
Oct-1991 0.61 Oct-1991 1.34
Nov-1991 -4.35 Nov-1991 -4.03
Dec-1991 11.34 7.15 30.97 Dec-1991 11.44 8.38 30.47
Jan-1992 0.43 Jan-1992 -1.86
Feb-1992 2.05 Feb-1992 1.29
Mar-1992 -1.62 0.83 Mar-1992 -1.95 -2.53
Apr-1992 3.15 Apr-1992 2.94
May-1992 0.67 May-1992 0.49
Jun-1992 -1.67 2.10 Jun-1992 -1.49 1.90
Jul-1992 4.01 Jul-1992 4.09
Aug-1992 -2.33 Aug-1992 -2.05
Sep-1992 1.03 2.64 Sep-1992 1.17 3.15
Oct-1992 0.31 Oct-1992 0.34
Nov-1992 3.93 Nov-1992 3.40
Dec-1992 1.91 6.23 12.25 Dec-1992 1.23 5.03 7.62
Jan-1993 1.19 Jan-1993 0.84
Feb-1993 0.78 Feb-1993 1.36
Mar-1993 2.35 4.37 Mar-1993 2.11 4.37
Apr-1993 -2.83 Apr-1993 -2.42
May-1993 2.90 May-1993 2.68
Jun-1993 0.17 0.15 Jun-1993 0.29 0.49
Jul-1993 -0.61 Jul-1993 -0.40
Aug-1993 3.76 Aug-1993 3.79
Sep-1993 -0.82 2.28 Sep-1993 -0.77 2.58
Oct-1993 2.19 Oct-1993 2.07
Nov-1993 -0.20 Nov-1993 -0.95
Dec-1993 1.51 3.53 10.69 Dec-1993 1.21 2.32 10.08
Jan-1994 4.05 Jan-1994 3.40
Feb-1994 -2.98 Feb-1994 -2.71
Mar-1994 -4.41 -3.50 Mar-1994 -4.36 -3.79
Apr-1994 2.17 Apr-1994 1.28
May-1994 1.58 May-1994 1.64
Jun-1994 -2.45 1.24 Jun-1994 -2.45 0.42
Jul-1994 3.54 Jul-1994 3.28
Aug-1994 3.80 Aug-1994 4.10
Sep-1994 -2.49 4.80 Sep-1994 -2.45 4.89
Oct-1994 2.54 Oct-1994 2.25
Nov-1994 -3.61 Nov-1994 -3.64
Dec-1994 1.46 0.28 2.67 Dec-1994 1.48 -0.02 1.32
Jan-1995 2.92 Jan-1995 2.59
Feb-1995 4.18 Feb-1995 3.90
Mar-1995 2.98 10.43 Mar-1995 2.95 9.74
Apr-1995 2.58 Apr-1995 2.94
May-1995 3.93 May-1995 4.00
Jun-1995 2.23 8.99 Jun-1995 2.32 9.55
Jul-1995 3.47 Jul-1995 3.32
Aug-1995 0.10 Aug-1995 0.25
Sep-1995 4.26 7.99 Sep-1995 4.22 7.95
Oct-1995 -0.46 Oct-1995 -0.36
Nov-1995 5.18 Nov-1995 4.39
Dec-1995 1.78 6.55 38.47 Dec-1995 1.93 6.02 37.58
Jan-1996 3.40 Jan-1996 3.40
Feb-1996 1.98 Feb-1996 0.93
Mar-1996 1.32 6.84 Mar-1996 0.96 5.37
Apr-1996 1.12 Apr-1996 1.47
May-1996 2.31 May-1996 2.58
Jun-1996 0.09 3.55 Jun-1996 0.38 4.49
Jul-1996 -4.51 Jul-1996 -4.42
Aug-1996 2.25 Aug-1996 2.11
Sep-1996 5.37 2.88 Sep-1996 5.63 3.09
Oct-1996 2.48 Oct-1996 2.76
Nov-1996 8.07 Nov-1996 7.56
Dec-1996 -1.78 8.77 23.81 Dec-1996 -1.98 8.34 22.96
Jan-1997 6.27 Jan-1997 6.25
Feb-1997 0.83 Feb-1997 0.78
Mar-1997 -4.13 2.73 Mar-1997 -4.11 2.68
Apr-1997 5.58 Apr-1997 5.97
May-1997 7.01 May-1997 6.09
Jun-1997 4.64 18.22 Jun-1997 4.48 17.46
Jul-1997 8.33 Jul-1997 7.96
Aug-1997 -5.13 Aug-1997 -5.60
Sep-1997 4.83 7.74 Sep-1997 5.48 7.49
Oct-1997 -3.29 Oct-1997 -3.34
Nov-1997 4.40 Nov-1997 4.63
Dec-1997 1.40 2.38 33.95 Dec-1997 1.72 2.87 33.36
Jan-1998 1.57 Jan-1998 1.11
Feb-1998 7.15 Feb-1998 7.21
Mar-1998 5.21 14.50 Mar-1998 5.12 13.95
Apr-1998 1.60 Apr-1998 1.01
May-1998 -0.93 May-1998 -1.72
Jun-1998 3.60 4.27 Jun-1998 4.06 3.30
Jul-1998 -0.73 Jul-1998 -1.06
Aug-1998 -14.62 Aug-1998 -14.46
Sep-1998 6.87 -9.42 Sep-1998 6.41 -9.95
Oct-1998 8.17 Oct-1998 8.13
Nov-1998 6.93 Nov-1998 6.06
Dec-1998 5.94 22.53 32.49 Dec-1998 5.76 21.30 28.58
Jan-1999 3.36 Jan-1999 4.18
Feb-1999 -3.59 Feb-1999 -3.11
Mar-1999 4.24 3.88 Mar-1999 4.00 4.98
Apr-1999 6.01 Apr-1999 3.87
May-1999 -2.01 May-1999 -2.36
Jun-1999 5.28 9.36 Jun-1999 5.55 7.05
Jul-1999 -3.13 Jul-1999 -3.12
Aug-1999 -0.55 Aug-1999 -0.50
Sep-1999 -2.88 -6.44 Sep-1999 -2.74 -6.25
Oct-1999 5.34 Oct-1999 6.33
Nov-1999 1.74 Nov-1999 2.03
Dec-1999 4.78 12.28 19.35 Dec-1999 5.89 14.88 21.04
</TABLE>

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. In managing the JNL/J.P. Morgan Enhanced
S&P 500 Stock Index Series, the sub-adviser generally employs a three-step
process:

(i) based on its in-house research, the sub-adviser takes an in-depth
look at company prospects over a relatively long period, often as much
as five years, rather than focusing on near-term expectations. This
approach is designed to provide insight into a company's real growth
potential.

(ii) the research findings allow the sub-adviser to rank the companies
in each industry group according to their relative value. These
valuation rankings are produced with the help of models that quantify
the research team's findings.

(iii) the sub-adviser buys and sells stocks for the Series according
to the policies of the Series based on the sub-adviser's research and
valuation rankings.

In general, the sub-adviser buys stocks that it identifies as undervalued and
considers selling them when they appear overvalued. Along with attractive
valuation, the Series' sub-adviser may consider other criteria, such as:
catalysts that could trigger a rise in a stock's price; high potential reward
compared to potential risk; and temporary mispricings caused by market
overreactions. Under normal market conditions, the Series holds approximately
300 stocks and limits each stock's weight in the portfolio to be within +/- 1.0%
of its weight in the S&P 500 Index.

The Series may invest up to 100% of its assets in investment-grade, short-term
fixed-income securities during severe market downturns. Doing so may reduce the
potential for appreciation in the Series' portfolio. The Series generally avoids
short-term trading, except to take advantage of attractive or unexpected
opportunities or to meet demands generated by shareholder activity.
Active trading may increase transaction costs, which may reduce performance.

The Series may use derivative instruments, such as futures contracts, options,
forward currency contracts and swaps, for hedging and risk management, i.e., to
establish or adjust exposure to the equities market. These instruments are
subject to transaction costs and certain risks, such as unanticipated changes in
securities prices and global currency markets.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/J.P. Morgan
Enhanced S&P 500 Stock Index Series is J.P. Morgan Investment Management Inc.
(J.P. Morgan), with principal offices at 522 Fifth Avenue, New York, New York
10036. J.P. Morgan and its affiliates offer a wide range of services to
governmental, institutional, corporate and individual customers and act as
investment adviser to individual and institutional customers.

James C. Wiess, Vice President of J.P. Morgan, and Bernard Kroll, Vice President
of J.P. Morgan, share the responsibility for the day-to-day management of the
Series. Mr. Wiess has been at J.P. Morgan since 1992, Mr. Kroll since August of
1996. Prior to August of 1996, Mr. Kroll was an equity derivatives specialist at
Goldman Sachs & Co., founded his own options broker-dealer and managed several
derivatives businesses at Kidder, Peabody & Co. Mr. Wiess and Mr. Kroll have had
primary responsibility for the day-to-day management of the Series since the
inception of the Series.
<PAGE>
JNL/J.P. MORGAN INTERNATIONAL & EMERGING MARKETS SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/J.P. Morgan
International & Emerging Markets Series is to provide high total return from a
portfolio of equity securities of foreign companies in developed and, to a
lesser extent, developing markets.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stocks of non-U.S.
companies in developed markets. The Series also invests in the equity securities
of companies in developing countries or "emerging markets." The Series focuses
its emerging market investments in those countries which the sub-adviser
believes have strongly developing economies and in which the markets are
becoming more sophisticated.

o Market risk. Because the Series invests in stocks of foreign
companies, it is subject to stock market risk. Stock prices
typically fluctuate more than the values of other types of
securities, typically in response to changes in the particular
company's financial condition and factors affecting the market in
general. For example, unfavorable or unanticipated poor earnings
performance of the company may result in a decline in its stock's
price, and a broad-based market drop may also cause a stock's
price to fall.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

o Emerging markets risk. The Series may invest a portion of its
assets in securities of issuers in emerging markets, which
involves greater risk. Emerging market countries typically have
economic and political systems that are less fully developed, and
likely to be less stable, than those of more advanced countries.
Emerging market countries may have policies that restrict
investment by foreigners, and there is a higher risk of a
government taking private property. Low or nonexistent trading
volume in securities of issuers in emerging markets may result in
a lack of liquidity and in price volatility. Issuers in emerging
markets typically are subject to a greater degree of change in
earnings and business prospects than are companies in developed
markets.

o Currency risk. The value of the Series' shares may change as a
result of changes in exchange rates reducing the value of the
U.S. dollar value of the Series' foreign investments. Currency
exchange rates can be volatile and affected by a number of
factors, such as the general economics of a country, the actions
of U.S. and foreign governments or central banks, the imposition
of currency controls, and speculation.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31
38.02%
[Insert Chart]
1999

In the period shown in the chart, the Series' highest quarterly return was
17.86% (4th quarter of 1999) and its lowest quarterly return was 4.07% (1st
quarter of 1999).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/J.P. Morgan International & Emerging
Markets Series 38.02% 18.38%
MSCI All Country World Free (ex-US) Index 25.49% 16.53%

The MSCI All Country World Free (ex-US) Index is a broad-based, unmanaged index.
* The Series began operations on March 2, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.075%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.075%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $110
- --------------------------------------------------------------------------------
3 Years $342
- --------------------------------------------------------------------------------
5 Years $593
- --------------------------------------------------------------------------------
10 Years $1,311
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/J.P. Morgan International &
Emerging Markets Series seeks to achieve its investment objective primarily
through its stock selection process. Using a variety of quantitative valuation
techniques and based on in-house research, the sub-adviser ranks issuers within
each industry group according to their relative value. The sub-adviser makes
investment decisions using the research and valuation ranking, as well as its
assessment of other factors, including: catalysts that could trigger a change in
a stock's price; potential reward compared to potential risk, and temporary
mispricings caused by market overreactions. The Series' country allocation and
industrial sector weightings result primarily from its stock selection decisions
and may vary significantly from the MSCI All Country World Free (ex-U.S.) Index,
the Series' benchmark.

The sub-adviser considers "emerging markets" to be any country generally
considered to be an emerging or developing country by the World Bank, the
International Finance Corporation or the United Nations or its authorities. An
issuer in an emerging market is one that: (i) has its principal securities
trading market in an emerging market country; (ii) is organized under the laws
of an emerging market; (iii) derives 50% or more of its total revenue from
either goods produced, sales made or services performed in emerging markets; or
(iv) has at least 50% of its assets located in emerging markets.

Under normal market conditions, the Series may invest in money market
instruments to invest temporary cash balances or to maintain liquidity to meet
redemptions. The Series may also invest in money market instruments as a
temporary defensive measure when, in the sub-adviser's view, market conditions
are, or are anticipated to be, adverse. Doing so may reduce the potential for
appreciation in the Series' portfolio.

The sub-adviser manages the Series actively in pursuit of its investment
objective. Active trading may increase transaction costs, which may reduce
performance.

The Series may invest in when-issued and delayed delivery securities. Actual
payment for and delivery of such securities does not take place until some time
in the future, i.e., beyond normal settlement. The purchase of these securities
will result in a loss if their value declines prior to the settlement date. This
could occur, for example, if interest rates increase prior to settlement.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/J.P. Morgan
International & Emerging Markets Series is J.P. Morgan Investment Management
Inc. (J.P. Morgan), with principal offices at 522 Fifth Avenue, New York, New
York 10036. J.P. Morgan and its affiliates offer a wide range of services to
governmental, institutional, corporate and individual customers and act as
investment adviser to individual and institutional customers.

The Series has a portfolio management team that is responsible for the
day-to-day management of the Series. The portfolio management team is led by
Paul A. Quinsee, Managing Director of J.P. Morgan, Andrew C. Cormie, Vice
President of J.P. Morgan, and Nigel F. Emmett, Vice President of J.P. Morgan.
Mr. Quinsee has been at J.P. Morgan since 1992 and has been on the portfolio
management team since the inception of the Series. Mr. Cormie has been an
international equity portfolio manager since 1997 and employed by J.P. Morgan
since 1984. Mr. Emmett joined J.P. Morgan in August 1997; prior to that, he was
an assistant manager at Brown Brothers Harriman and Co. and a portfolio manager
at Gartmore Investment Management. Mr. Cormie and Mr. Emmett have been on the
portfolio management team for the Series since the inception of the Series.
<PAGE>
JNL/JANUS AGGRESSIVE GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Janus Aggressive
Growth Series is long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stocks of U.S. and
foreign companies selected for their growth potential. The Series may invest in
companies of any size, from larger, well-established companies to smaller,
emerging growth companies. The Series may invest to a lesser degree in other
types of securities, including preferred stock, warrants, convertible securities
and debt securities. The Fund may invest without limit in foreign securities.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by the Series, will fall. A broad-based
market drop may also cause a bond's price to fall.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

18.95% 12.67% 57.66% 94.43%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
41.64% (4th quarter of 1999) and its lowest quarterly return was -6.56% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Janus Aggressive Growth Series 94.43% 42.10%
S&P 500 Index 21.04% 26.95%

The S&P 500 Index is a broad-based, unmanaged index.
* The Series began operations on May 15, 1995.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.01%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.01%
- --------------------------------------------------------------------------------

EXPENSE EXAMPLE. The table below shows the expenses you would pay on a $10,000
investment, assuming (1) 5% annual return and (2) redemption at the end of each
time period. This illustration is hypothetical and is not intended to be
representative of past or future performance of the Series. For a real
investment, your actual expenses may be higher or lower than those shown.
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $103
- --------------------------------------------------------------------------------
3 Years $322
- --------------------------------------------------------------------------------
5 Years $558
- --------------------------------------------------------------------------------
10 Years $1,236
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Janus Aggressive Growth Series
invests primarily in common stocks when the sub-adviser believes that the
relevant market environment favors profitable investing in those securities. The
sub-adviser seeks to identify individual companies with earnings growth
potential that may not be recognized by the market. The sub-adviser selects
securities for their capital growth potential; investment income is not a
consideration. When the sub-adviser believes that market conditions are not
favorable for profitable investing or when the sub-adviser is otherwise unable
to locate favorable investment opportunities, the Series may hedge its
investments to a greater degree and/or increase its position in cash or similar
investments. Doing so may reduce the potential for appreciation in the Series'
portfolio.

The Series may invest in "special situations" from time to time. A special
situation arises when, in the opinion of the sub-adviser, the securities of a
particular issuer will be recognized and appreciate in value due to a specific
development with respect to that issuer. Developments creating special
situations might include, among others, a new product or process, a
technological breakthrough, a management change or other extraordinary corporate
event, or differences in market supply of and demand for the security.
Investment in special situations may carry an additional risk of loss in the
event that the anticipated development does not occur or does not attract the
expected attention. The impact of this strategy on the Series will depend on the
Series' size and the extent of its holdings of special situation issuers
relative to total net assets.

The Series may use derivative instruments, such as futures contracts, options,
and forward currency contracts, for hedging or as a means of enhancing return.
These instruments are subject to transaction costs and certain risks, such as
unanticipated changes in interest rates, securities prices and global currency
markets.

The Series may invest in high-yield, high-risk, fixed-income securities,
commonly known as "junk bonds." These are corporate debt securities rated BBB or
lower by S&P or Baa or lower by Moody's, or unrated securities deemed by the
sub-adviser to be of comparable quality. Lower-rated securities generally
involve a higher risk of default than higher-rated ones.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Janus
Aggressive Growth Series is Janus Capital Corporation (Janus Capital), with
principal offices at 100 Fillmore Street, Denver, Colorado 80206. Janus Capital
provides investment advisory services to mutual funds and other institutional
accounts.

Warren B. Lammert, Portfolio Manager of Janus Capital, is responsible for the
day-to-day management of the Series. Mr. Lammert joined Janus Capital in 1987.
He holds a Bachelor of Arts in Economics from Yale University and a Master of
Science in Economic History from the London School of Economics. He is a
Chartered Financial Analyst. Mr. Lammert has had responsibility for the
day-to-day management of the Series since the inception of the Series.
<PAGE>

JNL/JANUS BALANCED SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Janus Balanced Series
is long-term capital growth, consistent with preservation of capital and
balanced by current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series normally invests 40-60% of its
assets in securities selected primarily for their growth potential and 40-60% of
its assets in securities selected primarily for their income potential. The
Series will normally invest at least 25% of its assets in fixed-income
securities. The Fund may invest without limit in foreign securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information, more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

PERFORMANCE. This Series will commence investment operations on or about the
date of this Prospectus. Therefore, a bar chart and table have not been included
for this Series.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur
as a Series investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.05%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $107
- --------------------------------------------------------------------------------
3 Years $334
- --------------------------------------------------------------------------------
5 Years $579
- --------------------------------------------------------------------------------
10 Years $1,283
- --------------------------------------------------------------------------------

COMPARABLE PERFORMANCE

Public Fund/Private Account Performance Composite

The JNL/Janus Balanced Series has a substantially similar investment objective
and follows substantially the same investment strategies as certain mutual funds
whose shares are sold to the public and to certain Private Accounts. Each of
these public mutual funds and Private Accounts is managed by Janus Capital
Corporation, the same Sub-Adviser which manages each of the corresponding
Series.

The historical performance of each of these public mutual funds and Private
Accounts is shown below. This performance data should not be considered as an
indication of future performance of the Series. The public mutual fund and
Private Account performance figures shown below:

o reflect the deduction of the historical fees and expenses paid by the
public mutual funds and not those to be paid by the Series. The figures do
not reflect the deduction of investment advisory fees charged to the
Private Accounts.

o do not reflect Contract fees or charges imposed by Jackson National Life.
Investors should refer to the separate account prospectus for information
describing the Contract fees and charges. These fees and charges will have
a detrimental effect on Series performance.

The Series and their corresponding public mutual fund series and Private
Accounts are expected to hold similar securities. However, their investment
results are expected to differ for the following reasons:

o differences in asset size and cash flow resulting from purchases and
redemptions of Series shares may result in different security selections

o differences in the relative weightings of securities

o differences in the price paid for particular portfolio holdings

o differences relating to certain tax matters

o differences (with respect to the Private Accounts) in that such Accounts
are not subject to certain investment limitations, diversification
requirements and other restrictions imposed by federal tax and securities
laws

The chart below shows performance information derived from historical composite
performance of the public mutual funds and Private Accounts. Inception dates for
the composites shown are ____________.

PUBLIC MUTUAL FUNDS/PRIVATE ACCOUNT
COMPOSITE PERFORMANCE FOR PERIODS ENDED 12/31/99

Average Annual Total Return

1 5 10 Years or
Series Year Years Since Inception
- ------------------------------------------------------------------
Balanced Composite
(JNL/Janus Balanced
Series)
- ------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Janus Balanced Series invests
primarily in common stocks when the sub-adviser believes that the relevant
market environment favors profitable investing in those securities. The
sub-adviser seeks to identify individual companies with earnings growth
potential that may not be recognized by the market. The sub-adviser selects
securities for their capital growth potential. The sub-adviser may also consider
dividend-paying characteristics when selecting common stock. When the
sub-adviser believes that market conditions are not favorable for profitable
investing or when the sub-adviser is otherwise unable to locate favorable
investment opportunities, the Series may hedge its investments to a greater
degree and/or increase its position in cash or similar investments. Doing so may
reduce the potential for appreciation in the Series' portfolio.

The Series may invest in high-yield, high-risk, fixed-income securities,
commonly known as "junk bonds." These are corporate debt securities rated BBB or
lower by S&P or Baa or lower by Moody's, or unrated securities deemed by the
sub-adviser to be on comparable quality. Lower-rated securities generally
involve a higher risk of default than higher-rated ones.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Janus
Balanced Series is Janus Capital Corporation (Janus Capital), with principal
offices at 100 Fillmore Street, Denver, Colorado 80206. Janus Capital provides
investment advisory services to mutual funds and other institutional accounts.

Karen L. Reidy is the Portfolio Manager of the Series. She is also the portfolio
manager and Executive Vice President of Janus Balanced Fund and Janus Equity
Income Fund, as well as Janus Aspen Balanced and Janus Aspen Equity Income
Portfolios. She is also an Assistant Portfolio Manager of Janus Fund and manages
separate accounts and sub-advised portfolios in the Balanced discipline. Prior
to joining Janus in 1995, Ms. Reidy worked for Price Waterhouse in the Mergers
and Acquisitions area, performing corporate due diligence, and as an audit
manager, analyzing financials for corporate clients. Before assuming management
responsibilities of Janus Balanced Fund and Janus Equity Income Fund in January
2000, Ms. Reidy was Assistant Portfolio Manager of Janus Fund, focusing her
research on large-capitalization companies. Ms. Reidy earned a bachelor's degree
in accounting from the University of Colorado. She passed the Certified Public
Accountant exam in 1992 and has earned the Chartered Financial Analyst
designation. She has five years of professional investment experience.

<PAGE>
JNL/JANUS CAPITAL GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Janus Capital Growth
Series is long-term growth of capital in a manner consistent with the
preservation of capital.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective
through a non-diversified portfolio consisting primarily of common stock of U.S.
and foreign companies selected for their growth potential. The Series normally
invests a majority of its equity assets in medium-sized companies. The Series
may invest to a lesser degree in other types of securities, including preferred
stock, warrants, convertible securities and debt securities. The Fund may invest
without limit in foreign securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of assets of single companies or industries.
Thus, the Series may hold a smaller number of issuers than if it
were "diversified." With a smaller number of different issuers,
the Series is subject to more risk than another fund holding a
larger number of issuers, since changes in the financial
condition or market status of a single issuer may cause greater
fluctuation in the Series' total return and share price.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

16.83% 15.01% 35.16% 124.19%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
59.05% (4th quarter of 1999) and its lowest quarterly return was -15.05% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Janus Capital Growth Series 124.19% 44.09%
S&P MidCap 400 Index 14.70% 21.41%

The S&P 400 MidCap Index is a broad-based, unmanaged index.
* The Series began operations on May 15, 1995.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.03%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.03%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $105
- --------------------------------------------------------------------------------
3 Years $328
- --------------------------------------------------------------------------------
5 Years $569
- --------------------------------------------------------------------------------
10 Years $1,259
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Janus Capital Growth Series seeks
to achieve its objective by investing primarily in common stocks selected for
their growth potential and normally invests at least 50% of its equity assets in
medium-sized companies. Medium-sized companies are those whose market
capitalizations fall within the range of companies in the S&P MidCap 400 Index
and are determined at the time their securities are acquired by the Series. The
market capitalizations within the Index will vary, but as of December 31, 1999,
they ranged between approximately $170 million and $37 billion. The sub-adviser
seeks to identify individual companies with earnings growth potential that may
not be recognized by the market. The sub-adviser selects securities for their
capital growth potential; investment income is not a consideration. When the
sub-adviser believes that market conditions are not favorable for profitable
investing or when the sub-adviser is otherwise unable to locate favorable
investment opportunities, the Series may hedge its investments to a greater
degree and/or increase its position in cash or similar investments. Doing so may
reduce the potential for appreciation in the Series' portfolio.

The Series may invest in high-yield, high-risk, fixed-income securities,
commonly known as "junk bonds." These are corporate debt securities rated BBB or
lower by S&P or Baa or lower by Moody's, or unrated securities deemed by the
sub-adviser to be on comparable quality. Lower-rated securities generally
involve a higher risk of default than higher-rated ones.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Janus
Capital Growth Series is Janus Capital Corporation (Janus Capital), with
principal offices at 100 Fillmore Street, Denver, Colorado 80206. Janus Capital
provides investment advisory services to mutual funds and other institutional
accounts.

James P. Goff, Portfolio Manager of Janus Capital, is responsible for the
day-to-day management of the JNL/Janus Capital Growth Series. Mr. Goff joined
Janus Capital in 1988. He holds a Bachelor of Arts in Economics from Yale
University and is a Chartered Financial Analyst. Mr. Goff has had responsibility
for the day-to-day management of the Series since the inception of the Series.
<PAGE>
JNL/JANUS GLOBAL EQUITIES SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Janus Global Equities
Series is long-term growth of capital in a manner consistent with the
preservation of capital.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stocks of foreign and
domestic issuers. The Series may invest to a lesser degree in other types of
securities, including preferred stock, warrants, convertible securities, and
debt securities, such as corporate bonds. The Series can invest on a worldwide
basis in companies and other organizations of any size, regardless of country of
organization or place of principal business activity, as well as domestic and
foreign governments, government agencies and other governmental entities. The
Series normally invests in securities of issuers from at least five different
countries, including the United States, although it may invest in fewer than
five countries. The Fund may invest without limit in foreign securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities. To the extent that the
Series invests in bonds issued by a foreign government, the
Series may have limited legal recourse in the event of default.
Political conditions, especially a country's willingness to meet
the terms of its debt obligations, can create special risks.

o Currency risk. The value of the Series' shares may change as a
result of changes in exchange rates reducing the value of the U.S.
dollar value of the Series' foreign investments. Currency exchange
rates can be volatile and affected by a number of factors, such as
the general economics of a country, the actions of U.S. and
foreign governments or central banks, the imposition of currency
controls, and speculation.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

31.36% 19.12% 26.87% 64.58%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
43.03% (4th quarter of 1999) and its lowest quarterly return was -16.93% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Janus Global Equities Series 64.58% 36.45%
Morgan Stanley Capital International World Index 23.56% 18.01%

The Morgan Stanley Capital International World Index is a broad-based, unmanaged
index.
* The Series began operations on May 15, 1995.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.06%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.06%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $108
- --------------------------------------------------------------------------------
3 Years $337
- --------------------------------------------------------------------------------
5 Years $585
- --------------------------------------------------------------------------------
10 Years $1,294
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Janus Global Equities Series
invests primarily in common stocks of foreign and domestic companies and, to a
lesser degree, other types of securities, such as bonds and other debt
securities. The sub-adviser seeks to identify individual companies with earnings
growth potential that may not be recognized by the market at large. The
sub-adviser selects securities for their capital growth potential; investment
income is not a consideration. When the sub-adviser believes that market
conditions are not favorable for profitable investing or when the sub-adviser is
otherwise unable to locate favorable investment opportunities, the Series may
hedge its investments to a greater degree and/or increase its position in cash
or similar investments. Doing so may reduce the potential for appreciation in
the Series' portfolio.

The Series may invest in "special situations" from time to time. A special
situation arises when, in the opinion of the sub-adviser, the securities of a
particular issuer will be recognized and appreciate in value due to a specific
development with respect to that issuer. Developments creating special
situations might include, among others, a new product or process, a
technological breakthrough, a management change or other extraordinary corporate
event, or differences in market supply of and demand for the security.
Investments in special situations may carry an additional risk of loss in the
event that the anticipated development does not occur or does not attract the
expected attention. The impact of this strategy on the Series will depend on the
Series' size and the extent of its holdings of special situation issuers
relative to total net assets.

The Series may invest in high-yield, high-risk fixed-income securities, commonly
known as "junk bonds." These are corporate debt securities rated BBB or lower by
S&P or Baa or lower by Moody's, or unrated securities deemed by the sub-adviser
to be of comparable quality. Lower-rated securities generally involve a higher
risk of default, and may fluctuate more in value than higher-rated securities.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Janus
Global Equities Series is Janus Capital Corporation (Janus Capital), with
principal offices at 100 Fillmore Street, Denver, Colorado 80206. Janus Capital
provides investment advisory services to mutual funds and other institutional
accounts.

Helen Young Hayes, Portfolio Manager of Janus Capital, is responsible for the
day-to-day management of the Series. Ms. Hayes joined Janus Capital in 1987. She
holds a Bachelor of Arts in Economics from Yale University and is a Chartered
Financial Analyst. Ms. Hayes has had responsibility for the day-to-day
management of the Series since the inception of the Series.
<PAGE>

JNL/JANUS GROWTH & INCOME SERIES (FORMERLY THE GOLDMAN SACHS/JNL GROWTH & INCOME
SERIES).

INVESTMENT OBJECTIVE. The investment objectives of the JNL/Janus Growth & Income
Series are long-term capital growth and current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series normally emphasizes investments in
common stocks. It will normally invest up to 75% of its assets in equity
securities selected primarily for their growth potential, and at least 25% of
its assets in securities the portfolio manager believes have income potential.
Equity securities may make up part of this income component if they currently
pay dividends or the portfolio manager believes they have potential for
increasing or commencing dividend payments. The Fund may invest without limit in
foreign securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information, more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

As of the effective date of this Prospectus, Janus Capital Corporation (Janus)
has replaced Goldman Sachs Asset Management as the sub-adviser to this Series.
In addition, certain investment policies, practices and strategies have been
changed to reflect the management style of Janus, the new sub-adviser. The
advisory fees have also been changed. Given these changes, the performance
information shown below is not indicative in any manner of how the Series will
perform in the future.

Average Annual Total Returns as of December 31
(Results achieved by prior sub-adviser)
4.98%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was 8.43%
(2nd quarter of 1999) and its lowest quarterly return was -11.92% (3rd quarter
of 1999).

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999
1 year Life of Series*

JNL/Janus Growth & Income Series 4.98% -2.64%
S&P 500 Index 21.04% 21.78%

The S&P 500 Index is a broad-based, unmanaged index.
*The Series began operations on March 2, 1998.

SHAREHOLDER TRANSACTION EXPENSES

MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.025%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.025%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $105
- --------------------------------------------------------------------------------
3 Years $326
- --------------------------------------------------------------------------------
5 Years $566
- --------------------------------------------------------------------------------
10 Years $1,254
- --------------------------------------------------------------------------------

COMPARABLE PERFORMANCE

Public Fund/Private Account Performance Composite

The JNL/Janus Growth & Income Series has a substantially similar investment
objective and follows substantially the same investment strategies as certain
mutual funds whose shares are sold to the public and to certain Private
Accounts. Each of these public mutual funds and Private Accounts is managed by
Janus Capital Corporation, the same Sub-Adviser which manages each of the
corresponding Series.

o differences in asset size and cash flow resulting from purchases and
redemptions of Series shares may result in different security selections

o differences in the relative weightings of securities

o differences in the price paid for particular portfolio holdings

o differences relating to certain tax matters

The chart below shows performance information derived from historical composite
performance of the public mutual funds and Private Accounts. Inception dates for
the composites shown are ____________.

PUBLIC MUTUAL FUNDS/PRIVATE ACCOUNT
COMPOSITE PERFORMANCE FOR PERIODS ENDED 12/31/99

Average Annual Total Return

1 5 10 Years or
Series Year Years Since Inception
- --------------------------------------------------------------------
Growth & Income
Composite
(JNL/Janus Growth &
Income Series)
- --------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Janus Growth & Income Series
invests primarily in common stocks when the sub-adviser believes that the
relevant market environment favors profitable investing in those securities. The
sub-adviser seeks to identify individual companies with earnings growth
potential that may not be recognized by the market. The sub-adviser selects
securities for their capital growth potential. The sub-adviser may also consider
dividend-paying characteristics when selecting common stock. When the
sub-adviser believes that market conditions are not favorable for profitable
investing or when the sub-adviser is otherwise unable to locate favorable
investment opportunities, the Series may hedge its investments to a greater
degree and/or increase its position in cash or similar investments. Doing so may
reduce the potential for appreciation in the Series' portfolio.

The Series may invest in high-yield, high-risk, fixed-income securities,
commonly known as "junk bonds." These are corporate debt securities rated BBB or
lower by S&P or Baa or lower by Moody's, or unrated securities deemed by the
sub-adviser to be on comparable quality. Lower-rated securities generally
involve a higher risk of default than higher-rated ones.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Janus
Growth & Income Series is Janus Capital Corporation (Janus Capital), with
principal offices at 100 Fillmore Street, Denver, Colorado 80206. Janus Capital
provides investment advisory services to mutual funds and other institutional
accounts.

David Corkins is Portfolio Manager of the Series. He is also the portfolio
manager and Executive Vice President of Janus Growth and Income Fund and Janus
Aspen Growth and Income Portfolio. He also manages separate accounts in the
LargeCap Growth and Diversified Growth disciplines. Prior to joining Janus in
1995, Mr. Corkins was Chief Financial Officer of Chase U.S. Consumer Services,
Inc., a Chase Manhattan mortgage business. While at Chase, Mr. Corkins also
worked in consumer credit and mortgage issuance and analysis. Mr. Corkins
graduated cum laude from Dartmouth College with a bachelor's degree in English
and Russian, and earned an M.B.A. in finance with honors from Columbia
University. He has nine years of professional investment experience.

<PAGE>
JNL/PIMCO TOTAL RETURN BOND SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/PIMCO Total Return
Bond Series is to realize maximum total return, consistent with the preservation
of capital and prudent investment management.

PRINCIPAL INVESTMENT STRATEGIES. The Series attempts to achieve its objective by
investing primarily in a diversified portfolio of investment-grade fixed-income
securities of U.S. and foreign issuers such as government, corporate, mortgage-
and other asset-backed securities and cash equivalents.

The average duration of the Series typically ranges between three and six years,
although the maturities of the securities it holds may vary. The Series' foreign
investments will primarily be in securities of issuers based in developed
countries, although it may invest in securities of issuers in emerging market
countries. A significant portion of the Series' foreign holdings may be
denominated in foreign currencies. The Series may buy and sell foreign currency
and foreign currency contracts, and invest in options, futures contracts, swap
agreements, and other indexed instruments. The Series may enter into a series of
purchase or sale contracts or use other investment techniques to obtain market
exposure or to hedge against changes in foreign currency exchange rates,
interest rates or securities prices.

o Market risk. Because the Series invests in securities of U.S. and
foreign issuers, it is subject to market risk. For bonds, market
risk generally reflects credit risk and interest rate risk.
Credit risk is the actual or perceived risk that the issuer of
the bond will not pay the interest and principal payments when
due. Bond value typically declines if the issuer's credit quality
deteriorates. Interest rate risk is the risk that interest rates
will rise and the value of bonds, including those held by the
Series, will fall. A broad-based market drop may also cause a
bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities. To the extent that the
Series invests in bonds issued by a foreign government, the
Series may have limited legal recourse in the event of default.
Political conditions, especially a country's willingness to meet
the terms of its debt obligations, can create special risks.

o Derivatives risk. Investing in derivative instruments, such as
options, futures contracts, forward currency contracts, indexed
securities and asset-backed securities, involves special risks.
The Series sub-adviser must correctly predict price movements,
during the life of a derivative, of the underlying asset in order
to realize the desired results from the investment. The value of
derivatives may rise or fall more rapidly than other investments,
which may increase the volatility of the Series depending on the
nature and extent of the derivatives in the Series' portfolio. If
the sub-adviser uses derivatives in attempting to manage or
"hedge" the overall risk of the portfolio, the strategy might not
be successful, for example, due to changes in the value of the
derivatives that do not correlate with price movements in the
rest of the portfolio.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31
- -0.26%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was 1.00%
(3rdquarter of 1999) and its lowest quarterly return was -1.57% (2nd quarter of
1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/PIMCO Total Return Bond Series -0.26% 2.92%
Lehman Brothers Aggregate Bond Index -0.82% 2.83%

The Lehman Brothers Aggregate Bond Index is a broad-based, unmanaged index.
* The Series began operations on March 2, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .80%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .80%
- --------------------------------------------------------------------------------

EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $82
- --------------------------------------------------------------------------------
3 Years $255
- --------------------------------------------------------------------------------
5 Years $444
- --------------------------------------------------------------------------------
10 Years $990
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The Series seeks to consistently add value
relative to the Lehman Brothers Aggregate Bond Index, while keeping risk equal
to or less than that index. In managing the Series, the sub-adviser generally
makes investment decisions based on its view of longer-term (three- to
five-year) trends and non-economic factors that may affect interest rates, while
seeking to maintain a portfolio duration that approximates that of the Lehman
Brothers Aggregate Bond Index.

The Series may invest in a wide variety of taxable fixed-income securities,
including convertible securities, fixed- and floating-rate loans and loan
participations. The Series may also invest in repurchase agreements, reverse
repurchase agreements, and dollar rolls. The Series may invest all of its assets
in derivative instruments, such as options, futures contracts or swap
agreements. The Series may invest all of its assets in mortgage- or other
asset-backed securities, zero coupon bonds or strips.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/PIMCO Total
Return Bond Series is Pacific Investment Management Company (PIMCO), located at
840 Newport Center Drive, Suite 300, Newport Beach, California 92660. PIMCO is
an investment counseling firm founded in 1971.

William H. Gross, Managing Director of PIMCO, is responsible for the day-to-day
management of the Series. A Fixed Income Portfolio Manager, Mr. Gross is one of
the founders of PIMCO. Mr. Gross has had responsibility for the day-to-day
management of the Series since the inception of the Series.
<PAGE>
JNL/PUTNAM GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Putnam Growth Series
is long-term capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing primarily in a diversified portfolio of common stock of domestic,
large-capitalization companies. However, the Series may also invest in preferred
stocks, bonds, convertible preferred stock and convertible debentures if the
sub-adviser believes that they offer the potential for capital appreciation. The
Series may invest a portion of its assets in foreign securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

PERFORMANCE. The bar chart and table below show the past performance of the
Series' shares. The chart presents the annual returns since these shares were
first offered and shows how performance has varied from year to year. The table
shows the Series' average annual returns and compares them to a broad-based
index. Both the chart and the table assume reinvestment of dividends and
distributions. The Series' returns shown in the chart and table below do not
reflect the deduction of any charges that are imposed under a variable insurance
contract. Those charges, which are described in the variable insurance
prospectus, will reduce the Series' performance. As with all mutual funds, the
Series' past performance does not necessarily indicate how it will perform in
the future.

Average Annual Total Returns as of December 31

26.81% 21.88% 34.93% 29.41%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
24.99% (4th quarter of 1998) and its lowest quarterly return was -12.00% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Putnam Growth Series 29.41% 30.51%
S&P 500 Index 21.04% 26.95%

The S&P 500 Index is a broad-based, unmanaged index.
* The Series began operations on May 15, 1995. Prior to May 1, 1997, the Series
was managed by Phoenix Investment Counsel, Inc.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 0.97%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.97%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $99
- --------------------------------------------------------------------------------
3 Years $309
- --------------------------------------------------------------------------------
5 Years $536
- --------------------------------------------------------------------------------
10 Years $1,190
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Putnam Growth Series invests
primarily in the equity securities of domestic, large capitalization companies.
However, the Series may invest any amount or proportion of its assets in any
class or type of security believed by the sub-adviser to offer potential for
capital appreciation over both the intermediate and long term.

The Series may use derivative instruments, such as financial futures contracts
and options, for hedging and risk management. These instruments are subject to
transaction costs and certain risks, such as unanticipated changes in interest
rates, securities prices and global currency markets.

For temporary, defensive purposes, when the sub-adviser believes other types of
investments are advantageous on the basis both of risk and protection of capital
values, the Series may invest in fixed-income securities with or without
warrants or conversion features and may retain cash, or invest up to all of its
assets in cash equivalents. Taking a defensive position may reduce the potential
for appreciation of the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Putnam
Growth Series is Putnam Investment Management, Inc. (Putnam), located at One
Post Office Square, Boston, Massachusetts 02109. Putnam has been managing mutual
funds since 1937.

The Series is managed by the Core Growth Equity team at Putnam. The team is
headed by C. Beth Cotner, Managing Director and Chief Investment Officer of the
Group. Ms. Cotner joined Putnam in 1995 as Senior Portfolio Manager in the Core
Growth Equity Group. Prior to that, Ms. Cotner was Executive Vice President of
Kemper Financial Services. Ms. Cotner has had responsibility for the day-to-day
management of the Series since May 1, 1997.

<PAGE>

JNL/PUTNAM INTERNATIONAL EQUITY SERIES (FORMERLY THE T. ROWE PRICE/JNL
INTERNATIONAL EQUITY INVESTMENT SERIES)

INVESTMENT OBJECTIVE. The investment objective of the JNL/Putnam International
Equity Series is long-term growth of capital.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective
through a diversified portfolio consisting primarily of common stocks of
non-U.S. companies. The Series normally has at least three countries represented
in its portfolio, including both developed and emerging markets.

o Market risk. Because the Series invests in stocks, it is subject
to stock market risk. Stock prices typically fluctuate more than
the values of other types of securities, typically in response to
changes in the particular company's financial condition and
factors affecting the market in general. For example, unfavorable
or unanticipated poor earnings performance of the company may
result in a decline in its stock's price, and a broad-based
market drop may also cause a stock's price to fall.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

o Emerging markets risk. The Series may invest a portion of its
assets in securities of issuers in emerging markets, which
involves greater risk. Emerging market countries typically have
economic and political systems that are less developed, and likely
to be less stable, than those of more advanced countries. Emerging
market countries may have policies that restrict investment by
foreigners, and there is a higher risk of a government taking
private property. Low or nonexistent trading volume in securities
of issuers in emerging markets may result in a lack of liquidity
and in price volatility. Issuers in emerging markets typically are
subject to a greater degree of change in earnings and business
prospects than are companies in developed markets.

o Currency risk. The value of the Series' shares may change as a
result of changes in exchange rates reducing the value of the U.S.
dollar value of the Series' foreign investments. Currency exchange
rates can be volatile and affected by a number of factors, such as
the general economics of a country, the actions of U.S. and
foreign governments or central banks, the imposition of currency
controls, and speculation.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

As of the effective date of this Prospectus, Putnam Investment Management, Inc.
has replaced Rowe-Price Fleming International, Inc. as the sub-adviser for the
Series. Therefore, the performance information shown below is not indicative in
any manner of how the Series will perform in the future.

Average Annual Total Returns as of December 31
(Results achieved by prior sub-adviser)

13.91% 2.65% 14.43% 32.11%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
23.24% (4th quarter of 1999) and its lowest quarterly return was -13.48% (3rd
quarter of 1998).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Putnam International Equity Series 32.11% 14.78%
Morgan Stanley Europe and Australasia,
Far East Equity Index 25.27% 11.61%

The Morgan Stanley Europe and Australasia, Far East Equity Index is a
broad-based, unmanaged index.
* The Series began operations on May 15, 1995.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.18%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.18%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $120
- --------------------------------------------------------------------------------
3 Years $375
- --------------------------------------------------------------------------------
5 Years $649
- --------------------------------------------------------------------------------
10 Years $1,432
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/Putnam International Equity Series
invests in foreign securities that the sub-adviser believes offer significant
potential for long-term appreciation. In addition to common stocks, the Series
may also invest in other types of securities, such as preferred stocks,
convertible securities, fixed-income securities.

Putnam's Core International Equity team seeks consistent, above-average relative
returns and below-average relative risk through a balance of country and sector
diversification and the selection of believed underpriced companies. Our process
relies on both top-down macroecomonic and market analysis and bottom-up
fundamental company research.

Putnam selects stocks through a bottom up process, using our valuation approach
to identify significantly mispriced companies. Our expertise is in identifying
stocks selling for less than their real or relative worth regardless of the type
of company (i.e., growth, cyclical, or mature) or the current market
environment. We begin by screening our international stock database of over
5,500 non-U.S. companies to identify those companies with a positive valuation
indicator (price to book relative to return on equity). Stocks passing this
initial valuation screen are then subjected to a rigorous process. The decision
to purchase a stock is based on the combined judgment of the Core International
Equity portfolio managers, and their decision must be unanimous. We typically
visit all companies before a purchase decision is finalized.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Putnam
International Equity Series is Putnam Investment Management, Inc. (Putnam)
located at One Post Office Square, Boston, Massachusetts 02109. Putnam has been
managing mutual funds since 1937.

The Series is managed by the Core International Equity team at Putnam. The team
is headed by Omid Kamshad, Managing Director and Chief Investment Officer of the
group. Mr. Kamshad has been employed by Putnam since 1996. Prior to January
1996, Mr. Kamshad was employed at Lomard Odier International Portfolio
Management Limited and pior to April 1995, he was employed at Barling Asset
Management Company.

<PAGE>

JNL/PUTNAM MID-CAP GROWTH SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Putnam Mid-Cap Growth
Series is capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES. The Series invests mainly in common stocks of
U.S. companies with a focus on growth stocks. Growth stocks are issued by
companies whose earnings the sub-adviser believes are likely to grow faster than
the economy as a whole. Growth in a company's earnings may lead to an increase
in the price of its stock. The Series invests mainly in mid-cap companies.

o Market risk. Because the Series invests in stocks of companies,
it is subject to stock market risk. Stock prices typically
fluctuate more than the values of other types of securities,
typically in response to changes in the particular company's
financial condition and factors affecting the market in general.
For example, unfavorable or unanticipated poor earnings
performance of the company may result in a decline in its stock's
price, and a broad-based market drop may also cause a stock's
price to fall. Investing in small and mid-size companies
generally involves greater risks than investing in larger more
established ones.

There is a risk that the market as a whole may not favor the type
of investments which the Series makes.

In addition, the performance of the Series depends on the
sub-adviser's ability to effectively implement the investment
strategies of the Series.

PERFORMANCE. This Series will commence investment operations on or about the
date of this Prospectus. Therefore, a bar chart and table have not been included
for this Series.

SHAREHOLDER TRANSACTION EXPENSES

MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.05%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $107
- --------------------------------------------------------------------------------
3 Years $334
- --------------------------------------------------------------------------------
5 Years $579
- --------------------------------------------------------------------------------
10 Years $1,283
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES.

The Series invests mainly in growth stocks which are stocks whose earnings the
sub-adviser believes are likely to grow faster than the economy as a whole.
Growth stocks typically trade at higher multiples of current earnings than other
stocks. Therefore, the values of growth stocks may be more sensitive to changes
in current or expected earnings than the values of other stocks.

The Series may also invest in securities of foreign issuers which involve
certain special risks. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic
developments affecting a foreign country. In addition, foreign investing
involves less publicly available information, more volatile or less liquid
markets. Investments in foreign countries could be affected by factors not
present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws, and potential difficulties in
enforcing contractual obligations. Transactions in foreign securities may be
subject to less efficient settlement practices, including extended clearance and
settlement periods. Foreign accounting may be less revealing than American
accounting practices. Foreign regulation may be inadequate or irregular. Owning
foreign securities could cause the Series' performance to fluctuate more than if
it held only U.S. securities. To the extent that the Series invests in bonds
issued by a foreign government, the Series may have limited legal recourse in
the event of default. Political conditions, especially a country's willingness
to meet the terms of its debt obligations, can create special risks.

The Series may buy and sell investments relatively often, which involves higher
brokerage commissions and other expenses.

In addition to the main investment strategies described above, the Series may
make other investments, such as investments in preferred stocks, convertible
securities, debt instruments and derivatives, which may be subject to other
risks, as described in the SAI.

At times the sub-adviser may judge that market conditions make pursuing the
Series' usual investment strategies inconsistent with the best interests of the
Series' shareholders. The sub-adviser then may temporarily use alternative
strategies that are mainly designed to limit losses. However, the sub-adviser
may choose not to use these strategies for a variety of reasons, even in very
volatile market conditions. These strategies may cause the Series to miss out on
investment opportunities, and may prevent the Series from achieving its goal.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT The sub-adviser to the JNL/Putnam
Mid-Cap Series is Putnam Investment Management, Inc. (Putnam) located at One
Post Office Square, Boston, Massachusetts 02109. Putnam has been managing mutual
funds since 1937.

The Series is managerd by the Mid Cap Equity Growth team at Putnam. The team is
headed by Eric M. Wetlaufer, Managing Director and Chief Investment Officer for
the group. Mr. Wetlaufer has been with Putnam since 1997. Prior to 1997 Mr.
Wetlaufer was with Cadence Capital Management.

<PAGE>
JNL/PUTNAM VALUE EQUITY SERIES

INVESTMENT OBJECTIVE. The investment objective of the JNL/Putnam Value Equity
Series is capital growth, with income as a secondary objective.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objectives by
investing primarily in a diversified portfolio of equity securities of domestic,
large-capitalization companies. For this purpose, equity securities include
common stocks, securities convertible into common stock and securities with
common stock characteristics, such as rights and warrants. The Series considers
a large-capitalization company to be one that, at the time its securities are
acquired by the Series, has a market capitalization of $2 billion or greater.

The JNL/Putnam Value Equity Series invests primarily in equity securities of
domestic, large-capitalization companies. The sub-adviser typically selects
companies whose stocks have distinctly above-average dividend yields and market
prices that it believes are undervalued relative to the normal earning power of
the company. Under this approach, the sub-adviser seeks to identify investments
where current investor enthusiasm is low, as reflected in their valuations. The
sub-adviser typically reduces the Series' exposure to a company when its stock
price approaches, in the sub-adviser's judgment, fair valuation.

o Market risk. Because the Series invests in the equity securities
of U.S. and foreign companies, it is subject to stock market
risk. Stock prices typically fluctuate more than the values of
other types of securities, typically in response to changes in
the particular company's financial condition and factors
affecting the market in general. For example, unfavorable or
unanticipated poor earnings performance of the company may result
in a decline in its stock's price, and a broad-based market drop
may also cause a stock's price to fall.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause the Series' performance to fluctuate more
than if it held only U.S. securities.

o Value Investing Risk. With a value approach, there is also the
risk that stocks may remain undervalued during a given period.
This may happen because value stocks as a category lose favor
with investors compared to growth stocks or because the manager
failed to anticipate which stocks or industries would benefit
from changing market or economic conditions.

In addition, the performance of the Series depends on the sub-adviser's ability
to effectively implement the investment strategies of the Series.

Average Annual Total Returns as of December 31

24.33% 21.82% 12.48% -1.04%

[Insert Chart]

1996 1997 1998 1999

In the periods shown in the chart, the Series' highest quarterly return was
16.64% (4th quarter of 1998) and its lowest quarterly return was -11.73% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*

JNL/Putnam Value Equity Series -1.04% 16.96%
S&P 500 Index 21.04% 26.95%

The S&P 500 Index is a broad-based, unmanaged index.
* The Series began operations on May 15, 1995. Prior to May 1, 1997, the Series
was managed by PPM America, Inc.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee 0.98%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.98%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $100
- --------------------------------------------------------------------------------
3 Years $312
- --------------------------------------------------------------------------------
5 Years $542
- --------------------------------------------------------------------------------
10 Years $1,201
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES.
The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/Putnam
Value Equity Series is Putnam Investment Management, Inc. (Putnam), located at
One Post Office Square, Boston, Massachusetts 02109. Putnam has been managing
mutual funds since 1937.

The Series is managed by the Large Cap Value team at Putnam. The team is headed
by Deborah F. Kuenstner, CFA, Managing Director and Chief Investment Officer of
the Group. In this role, she heads the team managing large-cap value equity
portfolios for retail and institutional clients. Ms. Kuenstner joined Putnam in
1997 as Senior Vice President and Senior Portfolio Manager in the International
Core and Value Equity Group. In 1998, she was promoted to Chief Investment
Officer of the International Value Equities team. A Charted Financial Analyst,
Ms. Kuenster has 20 years of investment experience. Before joining Putnam, Ms.
Kuenster was a Senior Portfolio Manager of International Equities from 1989
through 1997 at DuPont Pension Fund Investment.
<PAGE>
JNL/S&P CONSERVATIVE GROWTH SERIES I

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Conservative
Growth Series I is capital growth and current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Conservative Growth Series I
may invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series,
JNL/Eagle Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus
Aggressive Growth Series,JNL/Janus Balanced Series, JNL/Janus Capital Growth
Series, JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T.Rowe
Price/JNL Value Series.

The Series seeks to achieve capital growth through its investments in Underlying
Series that invest primarily in equity securities. These investments may include
Series that invest in stocks of large established companies as well as those
that invest in stocks of smaller companies with above-average growth potential.

The Series seeks to achieve current income through its investments in Underlying
Series that invest primarily in fixed-income securities. These investments may
include Underlying Series that invest in foreign bonds denominated in currencies
other than U.S. dollars as well as Underlying Series that invest exclusively in
bonds of U.S. issuers. The Series may invest in Underlying Series that invest
exclusively in investment-grade securities, as well as Underlying Series that
invest in high-yield, high-risk bonds.

Under normal circumstances, the Series allocates approximately 55% to 65% of its
assets to Underlying Series that invest primarily in equity securities, 30% to
40% to Underlying Series that invest primarily in fixed-income securities and 0%
to 10% to Underlying Series that invest primarily in money market funds. Within
these three asset classes, the Series remains flexible with respect to the
percentage it will allocate among Underlying Series.

PRINCIPAL RISKS OF INVESTING IN THE SERIES. An investment in the Series is not
guaranteed. As with any mutual fund, the value of the Series' shares will change
and you could lose money by investing in the Series. Since the Series
concentrates its investments in shares of the Underlying Series, its performance
is directly related to the ability of the Underlying Series to meet their
respective investment objectives, as well as the sub-adviser's allocation among
the Underlying Series. Accordingly, a variety of factors may influence the
performance of the Series, such as:

o Market risk. Because the Series invests indirectly in stocks of
U.S. and foreign companies, it is subject to stock market risk.
Stock prices typically fluctuate more than the values of other
types of securities, typically in response to changes in the
particular company's financial condition and factors affecting
the market in general. For example, unfavorable or unanticipated
poor earnings performance of the company may result in a decline
in its stock's price, and a broad-based market drop may also
cause a stock's price to fall.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information, more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Emerging markets risk. The Series may invest a portion of its
assets in one or more Underlying Series that hold securities of
issuers in emerging markets, which involves greater risk.
Emerging market countries typically have economic and political
systems that are less fully developed, and likely to be less
stable, than those of more advanced countries. Emerging market
countries may have policies that restrict investment by
foreigners, and there is a higher risk of a government taking
private property. Low or nonexistent trading volume in securities
of issuers in emerging markets may result in a lack of liquidity
and in price volatility. Issuers in emerging markets typically
are subject to a greater degree of change in earnings and
business prospects than are companies in developed markets.

o High-yield/high-risk bonds. Lower-rated bonds involve a higher
degree of credit risk, which is the risk that the issuer will not
make interest or principal payments when due. In the event of an
unanticipated default, an Underlying Series would experience a
reduction in its income, a decline in the market value of the
securities so affected and a decline in the value of its shares.
During an economic downturn or substantial period of rising
interest rates, highly leveraged issuers may experience financial
stress which could adversely affect their ability to service
principal and interest payment obligations, to meet projected
business goals and to obtain additional financing. The market
prices of lower-rated securities are generally less sensitive to
interest rate changes than higher-rated investments, but more
sensitive to adverse economic or political changes, or individual
developments specific to the issuer. Periods of economic or
political uncertainty and change can be expected to result in
volatility of prices of these securities.

o Currency risk. The value of the Series' shares may change as a
result of changes in exchange rates reducing the value of the
U.S. dollar value of an Underlying Series' foreign investments.
Currency exchange rates can be volatile and affected by a number
of factors, such as the general economics of a country, the
actions of U.S. and foreign governments or central banks, the
imposition of currency controls, and speculation.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Because the Series invests exclusively in other Series of the Trust, you should
look elsewhere in this prospectus for the particular information about those
Series. As a shareholder of an Underlying Series, the Series will bear its pro
rata share of the expenses of that Underlying Series, which could result in
duplication of certain fees, including management and administration fees.

Average Annual Total Returns as of December 31

19.52%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
13.55% (4th quarter of 1999) and its lowest quarterly return was -2.99% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Conservative Growth Series I 19.52% 13.85%
S&P Micropal Asset Allocation USA Income
Funds Sector Index 4.17% 4.03%

The S&P Micropal Asset Allocation USA Income Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 9, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Conservative Growth Series I
asset allocation is expected to result in less risk than that incurred by
JNL/S&P Moderate Growth Series I, JNL/S&P Aggressive Growth Series I, JNL/S&P
Very Aggressive Growth Series I, JNL/S&P Equity Growth Series I or JNL/S&P
Equity Aggressive Growth Series I.

When the sub-adviser believes that a temporary defensive position is desirable,
the Series may invest up to 100% of its assets in cash or cash equivalents.
Doing so may reduce the potential for appreciation of the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Conservative Growth Series I is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

David M. Blitzer and Joshua M. Harari, CFA, share the primary responsibility for
the day-to-day management of the Series. Mr. Blitzer has been Vice President of
SPIAS since 1995 and has been an economist with Standard & Poor's Equity
Services Group (which operates independently of Standard & Poor's Ratings
Services) since 1982. Mr. Blitzer has had responsibility for the day-to-day
management of the Series since the inception of the Series. Mr. Harari has been
a senior investment officer with the Quantitative Services department of
Standard & Poor's Financial Information Services since 1998. Since joining
Standard & Poor's in 1986, Mr. Harari served as an equity analyst and supervisor
of industrial analysts with Standard & Poor's Equity Services Group. Mr. Harari
has had responsibility for the day-to-day management of the Series since May
1998.
<PAGE>
JNL/S&P MODERATE GROWTH SERIES I

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Moderate Growth
Series I is to seek capital growth. Current income is a secondary objective.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objectives by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Moderate Growth Series I may
invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series, JNL/Eagle
Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus Aggressive
Growth Series, JNL/Janus Balanced Sereis, JNL/Janus Capital Growth Series,
JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T. Rowe
Price/JNL Value Series.

The Series seeks to achieve capital growth through its investments in Underlying
Series that invest primarily in equity securities. These investments may include
Underlying Series that invest in stocks of large established companies as well
as those that invest in stocks of smaller companies with above-average growth
potential.

Under normal circumstances, the Series allocates approximately 70% to 80% of its
assets to Underlying Series that invest primarily in equity securities and 20%
to 30% to Underlying Series that invest primarily in fixed-income securities.
Within these asset classes, the Series remains flexible with respect to the
percentage it will allocate among particular Underlying Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Currency risk. The value of an Underlying Series' shares may
change as a result of changes in exchange rates reducing the
value of the U.S. dollar value of the Series' foreign
investments. Currency exchange rates can be volatile and affected
by a number of factors, such as the general economics of a
country, the actions of U.S. and foreign governments or central
banks, the imposition of currency controls, and speculation.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Because the Series invests exclusively in other series of the Trust, you should
look elsewhere in this prospectus for the particular information about those
series. As a shareholder of an Underlying Series, the Series will bear its pro
rata share of the expenses of that Underlying Series, which could result in
duplication of certain fees, including management and administration fees.

Average Annual Total Returns as of December 31
26.74%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
17.87% (4th quarter of 1999) and its lowest quarterly return was -3.54% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Moderate Growth Series I 26.74% 18.75%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 8, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Moderate Growth Series I asset
allocation is expected to result in less risk than that incurred by JNL/S&P
Aggressive Growth Series I, JNL/S&P Very Aggressive Growth Series I, JNL/S&P
Equity Growth Series I or JNL/S&P Equity Aggressive Growth Series I, but more
risk than JNL/S&P Conservative Growth Series I.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Moderate Growth Series I is Standard & Poor's Investment Advisory Services, Inc.
(SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was established
in 1995 to provide investment advice to the financial community. SPIAS operates
independently of and has no access to analysis or other information supplied or
obtained by Standard & Poor's Ratings Services in connection with its ratings
business, except to the extent such information is made available by Standard &
Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Aggressive Growth
Series I is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Aggressive Growth Series I
may invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series,
JNL/Eagle Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Balanced Series, JNL/Janus Capital Growth
Series, JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Visa
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T. Rowe
Price/JNL Value Series.

The Series seeks to achieve capital growth primarily through its investments in
Underlying Series that invest primarily in equity securities. These investments
may include Series that invest in stocks of large established companies as well
as those that invest in stocks of smaller companies with above-average growth
potential.

The Series seeks to achieve capital growth secondarily through its investment in
Underlying Series that invest primarily in fixed-income securities. These
investments may include Underlying Series that invest in foreign bonds
denominated in currencies other than U.S. dollars as well as Underlying Series
that invest exclusively in bonds of U.S. issuers. The Series may invest in
Underlying Series that invest exclusively in investment-grade securities, as
well as Underlying Series that invest in high-yield, high-risk bonds.

Under normal circumstances, the Series allocates approximately 85% to 95% of its
assets to Underlying Series that invest primarily in equity securities and 5% to
15% to Underlying Series that invest primarily in fixed-income securities.
Within these asset classes, the Series remains flexible with respect to the
percentage it will allocate among particular Underlying Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited recourse in the
event of default. Political conditions, especially a country's
willingness to meet the terms of its debt obligations, can create
special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31

35.38%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
22.84% ( 4th quarter of 1999) and its lowest quarterly return was -3.85% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Aggressive Growth Series I 35.38% 25.02%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 8, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Aggressive Growth Series I
asset allocation is expected to result in less risk than that incurred by
JNL/S&P Very Aggressive Growth Series I, JNL/S&P Equity Growth Series I or
JNL/S&P Equity Aggressive Growth Series I, but more risk than JNL/S&P
Conservative Growth Series I or JNL/S&P Moderate Growth Series I.

When the sub-adviser believes that a temporary defensive position is desirable,
the Series may invest up to 100% of its assets in cash or cash equivalents.
Taking a defensive position may reduce the potential for appreciation of the
Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Aggressive Growth Series I is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Very Aggressive
Growth Series I is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Very Aggressive Growth
Series I may invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series,
JNL/Eagle Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Balanced Series, JNL/Janus Capital Growth
Series, JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T. Rowe
Price/JNL Value Series.

Under normal circumstances, the Series allocates up to 100% of its assets to
Underlying Series that invest primarily in equity securities. The Series remains
flexible with respect to the percentage it will allocate among those particular
Underlying Series that invest primarily in equity securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the financial
condition or market status of a single issuer may cause greater
fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
48.86%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
29.63% (4th quarter of 1999) and its lowest quarterly return was -2.43% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Very Aggressive Growth Series I 48.86% 33.84%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.14% 8.31%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 1, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Very Aggressive Growth Series I
asset allocation is expected to result in more risk than that incurred by
JNL/S&P Conservative Growth Series I, JNL/S&P Moderate Growth Series I, JNL/S&P
Aggressive Growth Series I, JNL/S&P Equity Growth Series I or JNL/S&P Equity
Aggressive Growth Series I.

When the sub-adviser believes that a temporary defensive position is desirable,
the Series may invest up to 100% of its assets in cash, cash equivalents or
Underlying Series that invest primarily in fixed-income securities. Taking a
defensive position may reduce the potential for appreciation of the Series'
portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Very
Aggressive Growth Series I is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

David M. Blitzer and Joshua M. Harari, CFA, share the primary responsibility for
the day-to-day management of the Series. Mr. Blitzer has been Vice President of
SPIAS since 1995 and has been an economist with Standard & Poor's Equity
Services Group (which operates independently of Standard & Poor's Ratings
Services ) since 1982. Mr. Blitzer has had responsibility for the day-to-day
management of the Series since the inception of the Series. Mr. Harari has been
a senior investment officer with the Quantitative Services department of
Standard & Poor's Financial Information Services since 1998. Since joining
Standard & Poor's in 1986, Mr. Harari served as an equity analyst and supervisor
of industrial analysts with Standard & Poor's Equity Services Group. Mr. Harari
has had responsibility for the day-to-day management of the Series since May
1998.
<PAGE>
JNL/S&P EQUITY GROWTH SERIES I

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Equity Growth
Series I is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which JNL/S&P Equity Growth Series I may
invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series, JNL/Eagle
Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus Aggressive
Growth Series, JNL/Janus Balanced Series, JNL/Janus Capital Growth Series,
JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T. Rowe
Price/JNL Value Series.

Under normal circumstances, the Series allocates 100% of its assets to
Underlying Series that invest primarily in equity securities. The Series remains
flexible with respect to the percentage it will allocate among those particular
Underlying Series that invest primarily in equity securities.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
43.19%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
27.60% (4th quarter of 1999) and its lowest quarterly return was -3.40% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Equity Growth Series I 43.19% 27.72%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Equity Growth Series I asset
allocation is expected to result in more risk than that incurred by JNL/S&P
Conservative Growth Series I, JNL/S&P Moderate Growth Series I and JNL/S&P
Aggressive Growth Series I, but less risk than JNL/S&P Equity Aggressive Growth
Series I or JNL/S&P Very Aggressive Growth Series I.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Equity
Growth Series I is Standard & Poor's Investment Advisory Services, Inc. (SPIAS),
located at 25 Broadway, New York, New York 10004. SPIAS was established in 1995
to provide investment advice to the financial community. SPIAS operates
independently of and has no access to analysis or other information supplied or
obtained by Standard & Poor's Ratings Services in connection with its ratings
business, except to the extent such information is made available by Standard &
Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Equity Aggressive
Growth Series I is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which JNL/S&P Equity Aggressive Growth Series
I may invest are the JNL/Alger Growth Series, JNL/Alliance Growth Series,
JNL/Eagle Core Equity Series, JNL/Eagle SmallCap Equity Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Balanced Series, JNL/Janus Capital Growth
Series, JNL/Janus Global Equities Series, JNL/Putnam Growth Series, JNL/Putnam
International Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap
Series, PPM America/JNL Balanced Series, PPM America/JNL High Yield Bond Series,
PPM America/JNL Money Market Series, Salomon Brothers/JNL Global Bond Series,
Salomon Brothers/JNL U.S. Government & Quality Bond Series, T. Rowe Price/JNL
Established Growth Series, T. Rowe Price/JNL Mid-Cap Growth Series, and T. Rowe
Price/JNL Value Series.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Emerging markets risk. The Series may invest a portion of its
assets in one or more Underlying Series that hold securities of
issuers in emerging markets, which involves greater risk.
Emerging market countries typically have economic and political
systems that are less fully developed, and likely to be less
stable, than those of more advanced countries. Emerging market
countries may have policies that restrict investment by
foreigners, and there is a higher risk of a government taking
private property. Low or nonexistent trading volume in securities
of issuers in emerging market may result in a lack of liquidity
and in price volatility. Issuers in emerging markets typically
are subject to a greater degree of change in earnings and
business prospects than are companies in developed markets.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
45.25%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
28.62% (4th quarter of 1999) and its lowest quarterly return was -2.88% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*
JNL/S&P Aggressive Growth Series I 45.25% 29.67%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.14% 8.97%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 15, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Equity Aggressive Growth Series
I asset allocation is expected to result in more risk than that incurred by
JNL/S&P Conservative Growth Series I, JNL/S&P Moderate Growth Series I, JNL/S&P
Aggressive Growth Series I or JNL/S&P Equity Growth Series I, but less risk than
JNL/S&P Very Aggressive Growth Series I.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Equity
Aggressive Growth Series I is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Conservative
Growth Series II is capital growth and current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Conservative Growth Series
II may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan International
& Emerging Markets Series, JNL/Janus Aggressive Growth Series, JNL/Janus Global
Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO Total Return Bond
Series, JNL/Putnam Growth Series, JNL/Putnam International Equity Series,
JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series, Lazard/JNL Mid Cap
Value Series, Lazard/JNL Small Cap Value Series, PPM America/JNL Money Market
Series, Salomon Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond
Series, Salomon Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL
Mid-Cap Growth Series.

Under normal circumstances, the Series allocates approximately 60% to 70% of its
assets to Underlying Series that invest primarily in equity securities and 30%
to 40% to Underlying Series that invest primarily in fixed-income securities.
Within these asset classes, the Series remains flexible with respect to the
percentage it will allocate among particular Underlying Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Currency risk. The value of the Underlying Series' shares may
change as a result of changes in exchange rates reducing the
value of the U.S. dollar value of the Series' foreign
investments. Currency exchange rates can be volatile and affected
by a number of factors, such as the general economics of a
country, the actions of U.S. and foreign governments or central
banks, the imposition of currency controls, and speculation.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
16.14%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
12.71% (4th quarter of 1999) and its lowest quarterly return was -3.63%
(3rdquarter of 1999).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*
JNL/S&P Conservative Growth Series II 16.14% 6.14%
S&P Micropal Asset Allocation USA Income
Funds Sector Index 4.17% 4.03%

The S&P Micropal Asset Allocation USA Income Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Conservative Growth Series II
asset allocation is expected to result in less risk than that incurred by
JNL/S&P Moderate Growth Series II, JNL/S&P Aggressive Growth Series II, JNL/S&P
Very Aggressive Growth Series II, JNL/S&P Equity Growth Series II or JNL/S&P
Equity Aggressive Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Conservative Growth Series II is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Moderate Growth
Series II is capital growth. Current income is a secondary objective.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its investment
objectives by investing in a diversified group of other Series of the Trust
(Underlying Series). The Underlying Series in which the JNL/S&P Moderate Growth
Series II may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan
International & Emerging Markets Series, JNL/Janus Aggressive Growth Series,
JNL/Janus Global Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO
Total Return Bond Series, JNL/Putnam Growth Series, JNL/Putnam International
Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series,
Lazard/JNL Mid Cap Value Series, Lazard/JNL Small Cap Value Series, PPM
America/JNL Money Market Series, Salomon Brothers/JNL Balanced Series, Salomon
Brothers/JNL Global Bond Series, Salomon Brothers/JNL High Yield Bond Series,
and T. Rowe Price/JNL Mid-Cap Growth Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer asset, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
22.77%%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
15.43% (4th quarter of 1999) and its lowest quarterly return was -4.14% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*
JNL/S&P Moderate Growth Series II 22.77% 14.10%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Moderate Growth Series II asset
allocation is expected to result in less risk than that incurred by JNL/S&P
Aggressive Growth Series II, JNL/S&P Very Aggressive Growth Series II, JNL/S&P
Equity Growth Series II or JNL/S&P Equity Aggressive Growth Series II, but more
risk than JNL/S&P Conservative Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Moderate Growth Series II is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Aggressive Growth
Series II is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Aggressive Growth Series II
may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan International &
Emerging Market Series, JNL/Janus Aggressive Growth Series, JNL/Janus Global
Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO Total Return Bond
Series, JNL/Putnam Growth Series, JNL/Putnam International Equity Series,
JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series, Lazard/JNL Mid Cap
Value Series, Lazard/JNL Small Cap Value Series, PPM America/JNL Money Market
Series, Salomon Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond
Series, Salomon Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL
Mid-Cap Growth Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
28.66%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
20.17% ( 4th quarter of 1999) and its lowest quarterly return was -4.69% (3rd
quarter of 1999) %.

Average Annual Total Returns as of December 31, 1999
1 year Life of Series*
JNL/S&P Aggressive Growth Series II 28.66% 16.11%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Aggressive Growth Series II
asset allocation is expected to result in less risk than that incurred by
JNL/S&P Very Aggressive Growth Series II, JNL/S&P Equity Growth Series II or
JNL/S&P Equity Aggressive Growth Series II, but more risk than JNL/S&P
Conservative Growth Series II or JNL/S&P Moderate Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Aggressive Growth Series II is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Very Aggressive
Growth Series II is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which JNL/S&P Very Aggressive Growth Series II
may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan International &
Emerging Markets Series, JNL/Janus Aggressive Growth Series, JNL/Janus Global
Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO Total Return Bond
Series, JNL/Putnam Growth Series, JNL/Putnam International Equity Series,
JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series, Lazard/JNL Mid Cap
Value Series, Lazard/JNL Small Cap Value Series, PPM America/JNL Money Market
Series, Salomon Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond
Series, Salomon Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL
Mid-Cap Growth Series.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Average Annual Total Returns as of December 31
42.42%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
26.60% (4th quarter of 1999) and its lowest quarterly return was -2.80% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Very Aggressive Growth Series II 42.42% 28.44%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Very Aggressive Growth Series
II asset allocation is expected to result in more risk than that incurred by
JNL/S&P Conservative Growth Series II, JNL/S&P Moderate Growth Series II,
JNL/S&P Aggressive Growth Series II, JNL/S&P Equity Growth Series II or JNL/S&P
Equity Aggressive Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Very
Aggressive Growth Series II is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Equity Growth
Series II is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Equity Growth Series II may
invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan International &
Emerging Markets Series, JNL/Janus Aggressive Growth Series, JNL/Janus Global
Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO Total Return Bond
Series, JNL/Putnam Growth Series, JNL/Putnam International Equity Series,
JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series, Lazard/JNL Mid Cap
Value Series, Lazard/JNL Small Cap Value Series, PPM America/JNL Money Market
Series, Salomon Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond
Series, Salomon Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL
Mid-Cap Growth Series.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries . Thus, the Series may hold a smaller number of
issuers than if it were "diversified." With a smaller number of
different issuers, the Series is subject to more risk than
another fund holding a larger number of issuers, since changes in
the financial condition or market status of a single issuer may
cause greater fluctuation in the Series' total return and share
price.

Average Annual Total Returns as of December 31
36.29%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
23.27% (4th quarter of 1999) and its lowest quarterly return was -4.31% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Equity Growth Series II 36.29% 19.99%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Equity Growth Series II asset
allocation is expected to result in more risk than that incurred by JNL/S&P
Conservative Growth Series II, JNL/S&P Moderate Growth Series II and JNL/S&P
Aggressive Growth Series II, but less risk than JNL/S&P Equity Aggressive Growth
Series II or JNL/S&P Very Aggressive Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Equity
Growth Series II is Standard & Poor's Investment Advisory Services, Inc.
(SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was established
in 1995 to provide investment advice to the financial community. SPIAS operates
independently of and has no access to analysis or other information supplied or
obtained by Standard & Poor's Ratings Services in connection with its ratings
business, except to the extent such information is made available by Standard &
Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Equity Aggressive
Growth Series II is capital growth.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Equity Aggressive Growth
Series II may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan
International & Emerging Markets Series, JNL/Janus Aggressive Growth Series,
JNL/Janus Global Equities Series, JNL/Janus Growth & Income Series, JNL/PIMCO
Total Return Bond Series, JNL/Putnam Growth Series, JNL/Putnam International
Equity Series, JNL/Putnam Value Equity Series, JNL/Putnam Mid-Cap Series,
Lazard/JNL Mid Cap Value Series, Lazard/JNL Small Cap Value Series, PPM
America/JNL Money Market Series, Salomon Brothers/JNL Balanced Series, Salomon
Brothers/JNL Global Bond Series, Salomon Brothers/JNL High Yield Bond Series and
T. Rowe Price/JNL Mid-Cap Growth Series.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of single companies or industries. Thus, the
Series may hold a smaller number of issuers than if it were
"diversified." With a smaller number of different issuers, the
Series is subject to more risk than another fund holding a larger
number of issuers, since changes in the financial condition or
market status of a single issuer may cause greater fluctuation in
the Series' total return and share price.

Average Annual Total Returns as of December 31
39.61%

[Insert Chart]

1999

In the period shown in the chart, the Series' highest quarterly return was
25.34% (4th quarter of 1999) and its lowest quarterly return was -3.59% (3rd
quarter of 1999).

Average Annual Total Returns as of December 31, 1999

1 year Life of Series*
JNL/S&P Equity Aggressive Growth Series II 39.61% 23.92%
S&P Micropal Asset Allocation USA Balanced
Funds Sector Index 9.13% 8.46%

The S&P Micropal Asset Allocation USA Balanced Funds Sector Index is a
broad-based, unmanaged index.
* The Series began operations on April 13, 1998.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Equity Aggressive Growth Series
II asset allocation is expected to result in more risk than that incurred by
JNL/S&P Conservative Growth Series II, JNL/S&P Moderate Growth Series II,
JNL/S&P Aggressive Growth Series II or JNL/S&P Equity Growth Series II, but less
risk than JNL/S&P Very Aggressive Growth Series II.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P Equity
Aggressive Growth Series II is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Conservative
Growth Series is capital growth and current income.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objective by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Conservative Growth Series
may invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan Enhanced S&P 500
Index Series, JNL/J.P. Morgan International & Emerging Markets Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Global Equities Series, JNL/Janus Growth &
Income Series, JNL/PIMCO Total Return Bond Series, Lazard/JNL Small Cap Value
Series, Lazard/JNL Mid Cap Value Series, PPM America/JNL Money Market Series,
JNL/Putnam International Equity Series, JNL/Putnam Mid-Cap Series, Salomon
Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond Series, Salomon
Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL Mid-Cap Growth
Series.

The Series seeks to achieve current income through its investments in Underlying
Series that invest primarily in fixed-income securities. These investments may
include Underlying Series that invest exclusively in bonds of U.S. corporate and
government issuers and Underlying Series that invest exclusively in
investment-grade securities.

Under normal circumstances, the Series allocates approximately 50% to 75% of its
assets to Underlying Series that invest primarily in equity securities, 15% to
50% to Underlying Series that invest primarily in fixed-income securities and 0%
to 20% to Underlying Securities that invest primarily in money market funds.
Within these asset classes, the Series remains flexible with respect to the
percentage it will allocate among particular Underlying Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities. To the
extent that an Underlying Series invests in bonds issued by a
foreign government, that Series may have limited legal recourse
in the event of default. Political conditions, especially a
country's willingness to meet the terms of its debt obligations,
can create special risks.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, non-diversified funds may invest in fewer assets, or in
larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the
financial condition or market status of a single issuer may cause
greater fluctuation in the Series' total return and share price.

Performance for the Series has not been included because the Series had not been
in operation for the year ended December 31, 1999.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

- --------------------------------------------------------------------------------
ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Conservative Growth Series may
invest up to 100% of its assets in cash or cash equivalents when the sub-adviser
believes that a temporary defensive position is desirable. Doing so may reduce
the potential for appreciation of the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Conservative Growth Series is Standard & Poor's Investment Advisory Services,
Inc. (SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was
established in 1995 to provide investment advice to the financial community.
SPIAS operates independently of and has no access to analysis or other
information supplied or obtained by Standard & Poor's Ratings Services in
connection with its ratings business, except to the extent such information is
made available by Standard & Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Moderate Growth
Series is capital growth. Current income is a secondary objective.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objectives by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Moderate Growth Series may
invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan Enhanced S&P 500
Index Series, JNL/J.P. Morgan International & Emerging Markets Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Global Equities Series, JNL/Janus Growth &
Income Series, JNL/PIMCO Total Return Bond Series, Lazard/JNL Small Cap Value
Series, Lazard/JNL Mid Cap Value Series, PPM America/JNL Money Market Series,
JNL/Putnam International Equity Series, JNL/Putnam Mid-Cap Series, Salomon
Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond Series, Salomon
Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL Mid-Cap Growth
Series.

The Series seeks to achieve current income through its investment in Underlying
Series that invest primarily in fixed-income securities. These investments may
include Underlying Series that invest exclusively in bonds of U.S. corporate and
government issuers and Underlying Series that invest exclusively in
investment-grade securities.

Under normal circumstances, the Series allocates approximately 60% to 80% of its
assets to Underlying Series that invest primarily in equity securities and 20%
to 40% to Underlying Series that invest primarily in fixed-income securities.
Within these asset classes, the Series remains flexible with respect to the
percentage it will allocate among particular Underlying Series.

For bonds, market risk generally reflects credit risk and
interest rate risk. Credit risk is the actual or perceived risk
that the issuer of the bond will not pay the interest and
principal payments when due. Bond value typically declines if the
issuer's credit quality deteriorates. Interest rate risk is the
risk that interest rates will rise and the value of bonds,
including those held by an Underlying Series, will fall. A
broad-based market drop may also cause a bond's price to fall.

o Prepayment risk. During periods of falling interest rates, there
is the risk that a debt security with a high stated interest rate
will be prepaid before its expected maturity date.

o Foreign investing risk. Foreign investing involves risks not
typically associated with U.S. investment. These risks include,
among others, adverse fluctuations in foreign currency values as
well as adverse political, social and economic developments
affecting a foreign country. In addition, foreign investing
involves less publicly available information and more volatile or
less liquid markets. Investments in foreign countries could be
affected by factors not present in the U.S., such as restrictions
on receiving the investment proceeds from a foreign country,
foreign tax laws, and potential difficulties in enforcing
contractual obligations. Transactions in foreign securities may
be subject to less efficient settlement practices, including
extended clearance and settlement periods. Foreign accounting may
be less revealing than American accounting practices. Foreign
regulation may be inadequate or irregular. Owning foreign
securities could cause an Underlying Series' performance to
fluctuate more than if it held only U.S. securities.

o Emerging markets risk. The Series may invest a portion of its
assets in one or more Underlying Series that hold securities of
issuers in emerging markets, which involves greater risk. Emerging
market countries typically have economic and political systems
that are less fully developed, and likely to be less stable, than
those of more advanced countries. Emerging market countries may
have policies that restrict investment by foreigners, and there is
a higher risk of a government taking private property. Low or
nonexistent trading volume in securities of issuers in emerging
markets may result in a lack of liquidity and in price volatility.
Issuers in emerging markets typically are subject to a greater
degree of change in earnings and business prospects than are
companies in developed markets.

o Currency risk. The value of an Underlying Series' shares may
change as a result of changes in exchange rates reducing the value
of the U.S. dollar value of the Series' foreign investments.
Currency exchange rates can be volatile and affected by a number
of factors, such as the general economics of a country, the
actions of U.S. and foreign governments or central banks, the
imposition of currency controls, and speculation.

o Non-diversification. The Series is "non-diversified." Under a
definition provided by the Investment Company Act of 1940, as
amended, issuer.non-diversified funds may invest in fewer assets,
or in larger proportions of the assets of single companies or
industries. Thus, the Series may hold a smaller number of issuers
than if it were "diversified." With a smaller number of different
issuers, the Series is subject to more risk than another fund
holding a larger number of issuers, since changes in the financial
condition or market status of a single issuer may cause greater
fluctuation in the Series' total return and share price.

Performance for the Series has not been included because the Series had not been
in operation for the year ended December 31, 1999.

SHAREHOLDER TRANSACTION EXPENSES
MAXIMUM SALES LOAD IMPOSED ON PURCHASES NONE
MAXIMUM SALES LOAD IMPOSED ON REINVESTED DIVIDENDS NONE
DEFERRED SALES LOAD NONE
REDEMPTION FEE NONE
EXCHANGE FEE NONE

EXPENSES. The table below shows certain expenses you will incur as a Series
investor, either directly or indirectly.

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ANNUAL SERIES OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
- --------------------------------------------------------------------------------
Management/Administrative Fee .20%
- --------------------------------------------------------------------------------
Other Expenses 0%
- --------------------------------------------------------------------------------
Total Series Annual Operating Expenses .20%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
What a $10,000 investment would actually cost
- --------------------------------------------------------------------------------
1 Year $20
- --------------------------------------------------------------------------------
3 Years $64
- --------------------------------------------------------------------------------
5 Years $113
- --------------------------------------------------------------------------------
10 Years $255
- --------------------------------------------------------------------------------

ADDITIONAL INFORMATION ABOUT THE PRINCIPAL INVESTMENT STRATEGIES, OTHER
INVESTMENTS AND RISKS OF THE SERIES. The JNL/S&P Moderate Growth Series may
invest up to 100% of its assets in cash or cash equivalents when the sub-adviser
believes that a temporary defensive position is desirable. Doing so may reduce
the potential appreciation of the Series' portfolio.

The SAI has more information about the Series' authorized investments and
strategies, as well as the risks and restrictions that may apply to them.

THE SUB-ADVISER AND PORTFOLIO MANAGEMENT. The sub-adviser to the JNL/S&P
Moderate Growth Series is Standard & Poor's Investment Advisory Services, Inc.
(SPIAS), located at 25 Broadway, New York, New York 10004. SPIAS was established
in 1995 to provide investment advice to the financial community. SPIAS operates
independently of and has no access to analysis or other information supplied or
obtained by Standard & Poor's Ratings Services in connection with its ratings
business, except to the extent such information is made available by Standard &
Poor's Ratings Services to the general public.

INVESTMENT OBJECTIVE. The investment objective of the JNL/S&P Aggressive Growth
Series is capital growth. Current income is a secondary objective.

PRINCIPAL INVESTMENT STRATEGIES. The Series seeks to achieve its objectives by
investing in a diversified group of other Series of the Trust (Underlying
Series). The Underlying Series in which the JNL/S&P Aggressive Growth Series may
invest are the JNL/Alliance Growth Series, JNL/J.P. Morgan Enhanced S&P 500
Index Series, JNL/J.P. Morgan International & Emerging Markets Series, JNL/Janus
Aggressive Growth Series, JNL/Janus Global Equities Series, JNL/Janus Growth &
Income Series, JNL/PIMCO Total Return Bond Series, Lazard/JNL Small Cap Value
Series, Lazard/JNL Mid Cap Value Series, PPM America/JNL Money Market Series,
JNL/Putnam International Equity Series, JNL/Putnam Mid-Cap Series, Salomon
Brothers/JNL Balanced Series, Salomon Brothers/JNL Global Bond Series, Salomon
Brothers/JNL High Yield Bond Series, and T. Rowe Price/JNL Mid-Cap Growth
Series.

Under normal circumstances, the Series allocates 75% to 100% of its assets to
Underlying Series that invest primarily in equity securities and 0% to 25% to
Underlying Series that invest primarily in fixed-income securities. Within these
asset classes, the Series remains flexible with respect to the percentage it
will allocate among particular Underlying Series.