JNL SERIES TRUST, 485BPOS, 2000-12-15

JNL SERIES TRUST
485BPOS, 2000-12-15

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As filed with the Securities and Exchange Commission on December 15, 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. 22 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 23 [X]

JNL SERIES TRUST
(Exact Name of Registrant as Specified in Charter)

1 Corporate Way, Lansing, Michigan 48951
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (517) 381-5500

Patrick W. Garcy, Esq. with a copy to:
JNL Series Trust
Assistant Vice President & Blazzard, Grodd & Hasenauer P.C.
Associate General Counsel P.O. Box 5108
1 Corporate Way Westport, Connecticut 06881
Lansing, Michigan 48951
(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)

X on December 18, 2000 pursuant to paragraph (b)
--- 60 days after filing pursuant to paragraph (a)(1)
--- on (date)pursuant to paragraph (a)(1)
--- 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 The Distributor; Brokerage
Enhancement Plan

9. Financial Highlights Information Financial Highlights

Information Required in a Statement of Statement of
Part B. 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. Descritpion 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 The Distributor; Brokerage
Enhancement Plan
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

December 18, 2000

JNL(R) SERIES TRUST
1 Corporate Way o Lansing, Michigan 48951

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.

<PAGE>

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 Growth & Income Series
JNL/PIMCO Total Return Bond Series
JNL/Putnam Growth Series
JNL/Putnam International Equity Series
JNL/Putnam Midcap 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 Enhanced Intermediate Bond Index Series
JNL International Index Series
JNL Russell 2000 Index Series
JNL S&P 500 Index Series
JNL 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

<PAGE>

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",
"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 Stock
Index Series, JNL S&P 500 Index Series and JNL 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 QUARTERS; 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 at least 65% in a diversified portfolio of equity securities - common
stock, preferred stock, and securities convertible into or exchangeable for
common stock - 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.

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.

o Growth investing risk. Growth companies usually invest a high portion of
earnings in their businesses, and may lack the dividends of value stocks that
can cushion prices in a falling market. Also, earnings disappointments often
lead to sharp declines in prices because investors buy growth stocks in
anticipation of superior earnings growth.

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 and shows how performance
has varied from year to year. The table shows the Series' annual returns and
compares them to a broad based index since these shares were first offered. 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.

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 (fees paid directly from your investment)
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 (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.07%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.02%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.09%
--------------------------------------------------------------------------------
* As discussed under 'Management of the Trust,' the Trustees have adopted a
Brokerage Enhancement Plan (the 'Plan') in accordance with the provisions of
Rule 12b-1 under the Investment Company Act of 1940. The Plan uses the available
brokerage commissions to promote the sale of shares of the Trust. While the
brokerage commission rates and amounts paid by the Trust are not expected to
increase as a result of the Distribution Plan, the staff of the Securities and
Exchange Commission has taken the position that commission amounts received
under the Distribution Plan should be reflected as distribution expenses of the
Series. The distribution fee noted is an estimate and therefore it is not
possible to determine with accuracy actual amounts that will be received by the
Series under the Plan.

Expense Example. This example is intended to help you compare the cost of
investing in the Series with the cost of investing in other mutual funds. Also,
this example does not reflect the expenses of the Qualified Plan. 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. The example also assumes that the Series
operating expenses remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $111
--------------------------------------------------------------------------------
3 Years $347
--------------------------------------------------------------------------------
5 Years $601
--------------------------------------------------------------------------------
10 Years $1,329
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 that the sub-adviser believes have the
potential for capital appreciation., which include securities convertible into
or exchangeable for common stock. 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 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.

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. A variety of factors may
influence its investment performance, such as: 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. Growth investing risk. Growth companies usually invest
a high portion of earnings in their businesses, and may lack the dividends of
value stocks that can cushion prices in a falling market. Also, earnings
disappointments often lead to sharp declines in prices because investors buy
growth stocks in anticipation of superior earnings growth. 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.

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% 26.67%

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.88%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.02%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.90%
--------------------------------------------------------------------------------

* As discussed under "Management of the Trust," the Trustees have adopted a
Brokerage Enhancement Plan (the "Plan") in accordance with the provisions of
Rule 12b-1 under the Investment Company Act of 1940. The Plan uses the available
brokerage commissions to promote the sale of shares of the Trust. While the
brokerage commission rates and amounts paid by the Trust are not expected to
increase as a result of the Distribution Plan, the staff of the Securities and
Exchange Commission has taken the position that commission amounts received
under the Distribution Plan should be reflected as distribution expenses of the
Series. The distribution fee noted is an estimate and therefore it is not
possible to determine with accuracy actual amounts that will be received by the
Series under the Plan.

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $92
--------------------------------------------------------------------------------
3 Years $287
--------------------------------------------------------------------------------
5 Years $498
--------------------------------------------------------------------------------
10 Years $1,108
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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, Executive 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 at least 65% of total assets 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 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.

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. 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.

These securities or their respective issuers have at least one of the
following characteristics when acquired for the Series:

-- low price-to-earnings price-to-book value, price to cash
flow and price-to-sales ratios, as compared to the broad
market, industry peers and the company's historical ratios
-- above average dividend yield , or
-- Beta below that of the broad market

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.

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.

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.

o Growth investing risk. Growth companies usually invest a high
portion of earnings in their businesses, and may lack the
dividends of value stocks that can cushion prices in a falling
market. Also, earnings disappointments often lead to sharp
declines in prices because investors buy growth stocks in
anticipation of superior earnings growth.

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-advisers must correctly predict the 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.
Value investing risk. The value approach carries the risk that
the market will not recognize a security's intrinsic value for a
long time, or that a stock judged to be undervalued may actually
be appropriately priced.

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

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.99%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.04%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.03%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $105
--------------------------------------------------------------------------------
3 Years $328
--------------------------------------------------------------------------------
5 Years $569
--------------------------------------------------------------------------------
10 Years $1,259
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series.

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. Ed Cowart,
Managing Director and Portfolio Manager, is responsible for the day-to-day
management of the value equity strategy. Mr. Cowart joined Eagle in August 1999,
after serving as Managing Director at Banc One Investment Advisors in Columbus,
Ohio. Mr. Lou Kirschbaum, Managing Director and Portfolio Manager and Mr. David
Blount, Portfolio Manager, as co-managers, are responsible for the day-to-day
management of the equity income strategy. 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 65% of its total assets 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 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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.02%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.07%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $109
--------------------------------------------------------------------------------
3 Years $340
--------------------------------------------------------------------------------
5 Years $590
--------------------------------------------------------------------------------
10 Years $1,306
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. The JNL/Eagle SmallCap Equity Series 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, Managing Director 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. At least 65% of its total assets will be
invested, under normal market conditions, in stocks. 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 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- research and
valuation rankings.

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

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.90%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.01%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.91%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $93
--------------------------------------------------------------------------------
3 Years $290
--------------------------------------------------------------------------------
5 Years $504
--------------------------------------------------------------------------------
10 Years $1,120
--------------------------------------------------------------------------------

Performance. The bar chart and table below show the past performance of the
Series' shares. The chart presents the returns since the inception of the
Series. The table shows the Series' returns and compares them to a broad based
index since these shares were first offered. 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.

COMPARABLE PERFORMANCE

Private Account Performance Composite

The JNL/J.P. Morgan Enhanced S&P 500 Stock Index Series has substantially
similar investment objectives, policies and investment strategies as certain
Private Accounts. Each of these Private Accounts is managed by J.P. Morgan
Investment Management Inc., the same Sub-Adviser which manages each of the
corresponding Series.

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

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 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 in that such Accounts are not subject to certain investment
limitations, diversification requirements and other restrictions
imposed by federal tax and securities laws

However, the differences cited do not alter the conclusion that the funds have
substantially similar investment objectives, policies and strategies.

The chart below shows performance information derived from historical composite
performance of Private Accounts.

PRIVATE ACCOUNT
COMPOSITE PERFORMANCE FOR PERIODS ENDED 12/31/99

-------------------------------------------------------------------------------------------------------------
Annualized Returns as of December 31, 1999
-------------------------------------------------------------------------------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
Structured Stock Selection S&P 500 Index
Composite
<S> <C> <C>
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
1 Year 18.80 21.04
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
3 Years 27.85 27.56
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
5 Years 28.85 28.55
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
10 Years 18.92 18.21
------------------------------- ------------------------------------ ----------------------------------------
</TABLE>

Performance results represent the investment performance record for a
size-weighted composite of similarly managed, unconstrained discretionary
accounts following the Structured Stock Selection Strategy. The composite
performance was calculated according to the requirements of the Association for
Investment Management and Research. These requirements differ from those
required by the Securities and Exchange Commission. The composite consists of
private individual and institutional accounts. Hence, these accounts are not
subject to investment limitations, diversification requirements, and other
restrictions imposed on mutual funds by the 1940 Act and the Internal Revenue
Code. The performance of the accounts might have been lower if they were subject
to these extra restrictions. Note also that the performance shown would be lower
upon taking into account charges assessed in connection with a variable annuity
or variable life contract.

Composite returns reflect the deduction of the highest fee J.P. Morgan charges
for the strategy. The fee deducted by J.P. Morgan is less than the fees of the
Series. If the expenses of the Series had been deducted, the performance results
would have been lower. Actual account performance will vary depending on the
size of a portfolio and applicable fee schedule. Past performance does not
guarantee future results.

The following is an example of the effect of compounded advisory fees over a
period of time on the value of a client's portfolio: A portfolio with a
beginning value of $100, gaining an annual return of 10% per annum would grow to
$259 after 10 years, assuming no fees have been paid out. Conversely, a
portfolio with a beginning value of $100, gaining an annual return of 10% per
annum, but paying a fee of 1% per annum, would only grow to $235 after 10 years.
The annualized returns over the 10 year time period are 10.00% (gross of fees)
and 8.91% (net of fees). If the fee in the above example was 0.25% per annum,
the portfolio would grow to $253 after 10 years and return 9.73% net of fees.
The fees were calculated on a monthly basis, which shows the maximum effect of
compounding.

A Series' performance may be affected by risks specific to certain types of
investments, such as foreign securities, derivative investments, non-investment
grade debt securities, initial public offerings (IPOs) or companies with
relatively small market capitalizations. IPOs and other investment techniques
may have magnified performance impact on a Series with a small asset base. A
Series may not experience similar performance as its assets grow.

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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.

Nanett Buziak, Vice President of J.P. Morgan, Timothy Devlin, 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. Ms. Buziak has been
with J.P. Morgan since March of 1997 and prior to that time was an index
arbitrage trader and convertible bond portfolio manager at First Marathon
America, Inc. Mr. Devlin has been at J.P. Morgan since July of 1996, and prior
to that time was an equity portfolio manager at Mitchell Hutchins Asset
Management Inc. Mr. Knoll has been with J.P. Morgan since August of 1996 and has
had primary responsibility for the day to day management of the Series since its
inception.

<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. At least 65% of its total assets will be
invested, under normal market conditions, in equity securities of foreign
issuers. The Series also invests in the equity securities of companies in
developing countries or "emerging markets." 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.

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.

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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.08%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.03%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.11%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------

1 Year $113
--------------------------------------------------------------------------------
3 Years $353
-------------------------------------------------------------------------------
5 Years $612
--------------------------------------------------------------------------------
10 Years $1,352
--------------------------------------------------------------------------------

Additional Information About the Other 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.

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 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 interest rates, securities prices and global currency
markets.

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 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 Series may invest in companies of any size, from larger,
well-established companies to smaller, emerging growth companies. 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 to a lesser degree in other types of securities, including
preferred stock, warrants, convertible securities and debt securities. The
Series may invest without limit in foreign securities.

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. Investing in smaller, newer companies generally
involves greater risks than investing in larger, more established
ones.

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. Growth
investing risk. Growth companies usually invest a high portion of
earnings in their businesses, and may lack the dividends of value
stocks that can cushion prices in a falling market. Also,
earnings disappointments often lead to sharp declines in prices
because investors buy growth stocks in anticipation of superior
earnings growth.

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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.01%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.01%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.02%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $104
--------------------------------------------------------------------------------
3 Years $325
--------------------------------------------------------------------------------
5 Years $563
--------------------------------------------------------------------------------
10 Years $1,248
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 has earned
the right to use the Chartered Financial Analyst designation. 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
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 will normally invest at least 25% of its assets in
fixed-income securities. The Series 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 stock'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 the Series' performance to fluctuate more than if it held
only U.S. 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 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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.03%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.08%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $110
--------------------------------------------------------------------------------
3 Years $343
--------------------------------------------------------------------------------
5 Years $595
--------------------------------------------------------------------------------
10 Years $1,317
--------------------------------------------------------------------------------

Comparable Performance.

Public Fund/Private Account Performance Composite

The JNL/Janus Balanced Series has substantially similar investment objectives,
policies and strategies as certain mutual funds and Private Accounts. Each of
these public mutual funds and Private Accounts is managed by Janus Capital
Corporation, the same Sub-Adviser which manages the JNL/Janus Balanced Series.

The historical performance of a composite of these public mutual funds and
Private Accounts is shown below. This is not the performance of the JNL/Janus
Balanced Series and the performance of the Series may differ. 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.

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

However, the differences cited do not alter the conclusion that the Funds have
substantially similar investment objectives, policies and strategies.

The chart below shows performance information derived from historical composite
performance of the public mutual funds and Private Accounts. The inception date
for the composite shown is January 1, 1988.

JANUS BALANCED FUNDS COMPOSITE PERFORMANCE (INCLUDING MUTUAL FUNDS) FOR PERIODS
ENDED 12/31/99
--------------------------------------------------------------------------------
Annualized Returns
--------------------------------------------------------------------------------
Janus Balanced S&P 500 Index
--------------------------------------------------------------------------------

1 Year 24.68 21.14
3 Years 26.08 27.66
5 Years 23.93 28.66
10 Years 18.74 18.25

*Inception January 1, 1988

The Balanced Composite includes all fully discretionary separately managed
balanced accounts and mutual funds for which Janus Capital Corporation serves as
investment advisor. The composite was calculated according to the requirements
of the Association for Investment Management and Research. These requirements
differ from those required by the Securities and Exchange Commission. Composite
performance is presented net of all fees and reflects reinvestment of dividends
and capital gains. The fees deducted are less than the fees charged by the
Series. If the expenses of the Series had been deducted, the performance results
would have been lower. As of December 31, 1999, the Balanced Composite included
12 accounts and assets of $6,419.1 million, which represented 2.57% of total
assets under management. The percentage of total assets managed is defined as
composite assets as a percentage of the total assets managed including mutual
fund company accounts under management. Performance figures are based upon
historical information and do not guarantee future results. In addition, the
managers responsible for the historical performance record of these accounts
(Blaine Rollins and James Craig) assumed new responsibilities at Janus beginning
January 1, 2000. Karen Reidy is now the Portfolio Manager for all Balanced
Products. No changes will be made with regard to the investment philosophy or
process of the Funds or separate accounts. Prospective clients should recognize
the limitations inherent in composites, and consider all information presented
by Janus regarding its investment management capabilities. The S&P 500 is an
unmanaged index of common stock prices and includes reinvestment of dividends
and capital gains. They have been taken from published sources and have not been
audited. Composition of each separately managed account portfolio may differ
significantly from securities in the corresponding benchmark indices. A complete
list of Janus composites is available upon request. Please call 800-525-1068.

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 right to use 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 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 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 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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.03%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.01%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.04%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $106
--------------------------------------------------------------------------------
3 Years $331
--------------------------------------------------------------------------------
5 Years $574
--------------------------------------------------------------------------------
10 Years $1,271
--------------------------------------------------------------------------------

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 has earned the right to use the Chartered Financial Analyst
designation. 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 at least 65% in a diversified portfolio of common stocks of foreign
and domestic issuers. 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 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 Series
may invest without limit in foreign securities.

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 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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.06%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.02%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.08%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $110
--------------------------------------------------------------------------------
3 Years $343
--------------------------------------------------------------------------------
5 Years $595
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10 Years $1,317
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 has earned the
right to use the Chartered Financial Analyst designation. Ms. Hayes has had
responsibility for the day-to-day management of the Series since the inception
of the Series.

--------
* The JNL/Janus Global Equities Series (the "Series") has been closed to new
contract holders as of September 1, 2000. The Series will still be available to
existing contract holders, even if the contract holder does not have a current
allocation in the Series. The Series will also be available to both new and
existing contract holders as an underlying series of the JNL/S&P Conservative
Growth Series I, the JNL/S&P Moderate Growth Series I, the JNL/S&P Aggressive
Growth Series I, the JNL/S&P Very Aggressive Growth Series I, the JNL/S&P Equity
Growth Series I, the JNL/S&P Equity Aggressive Growth Series I, the JNL/S&P
Conservative Growth Series II, the JNL/S&P Moderate Growth Series II, the
JNL/S&P Aggressive Growth Series II, the JNL/S&P Very Aggressive Growth Series
II, the JNL/S&P Equity Growth Series II, the JNL/S&P Equity Aggressive Growth
Series II, the JNL/S&P Conservative Growth Series, the JNL/S&P Moderate Growth
Series and the JNL/S&P Aggressive Growth 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.
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. 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 Series 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 stock'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 the Series' performance to fluctuate more than if it held
only U.S. 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 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 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. Growth investing risk. Growth companies
usually invest a high portion of earnings in their businesses,
and may lack the dividends of value stocks that can cushion
prices in a falling market. Also, earnings disappointments often
lead to sharp declines in prices because investors buy growth
stocks in anticipation of superior earnings growth.

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 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 since these shares were first offered.
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 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.

Annual Total Returns as of December 31

4.98%
[Insert Chart] (Results achieved by prior sub-adviser)
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 (fees paid directly from your investment)

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 (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.03%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.04%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.07%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $109
--------------------------------------------------------------------------------
3 Years $340
--------------------------------------------------------------------------------
5 Years $590
--------------------------------------------------------------------------------
10 Years $1,306
--------------------------------------------------------------------------------

Comparable Performance.

Public Fund Performance Composite

The JNL/Janus Growth & Income Series has substantially similar investment
objectives, policies and strategies as certain mutual funds. Each of these
public mutual funds is managed by Janus Capital Corporation, the same
Sub-Adviser which manages the JNL/Janus Growth & Income Series.

The historical performance of a composite of these public mutual funds is shown
below. This is not the performance of the JNL/Janus Growth & Income Series and
the performance of the Series may differ. This performance data should not be
considered as an indication of future performance of the Series. The public
mutual fund 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

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 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

However, the differences cited do not alter the conclusion that the Funds have
substantially similar investment objectives, policies and strategies.

The chart below shows performance information derived from historical composite
performance of the public mutual funds. The inception date for the composite
shown is October 1991.

JANUS GROWTH & INCOME FUNDS COMPOSITE PERFORMANCE (INCLUDING MUTUAL FUNDS) FOR
PERIODS ENDED 12/31/99

-------------------------------------------------------------------------------------------------------------
Annualized Returns
-------------------------------------------------------------------------------------------------------------
Janus Growth & Income S&P 500 Index
------------------------------- ------------------------------------ ----------------------------------------
<S> <C> <C>
1 Year 51.30 21.14
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
3 Years 40.07 27.66
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
5 Years 36.41 28.66
------------------------------- ------------------------------------ ----------------------------------------
------------------------------- ------------------------------------ ----------------------------------------
Since Inception 25.27 20.36
------------------------------- ------------------------------------ ----------------------------------------
</TABLE>

*Inception October1991

The Growth & Income Composite includes the Janus Growth & Income Fund and Janus
Aspen Series Growth & Income Fund for which Janus Capital Corporation serves as
investment advisor. The composite performance was calculated according to the
requirements of the Association for Investment Management and Research. These
requirements differ from those required by the Securities and Exchange
Commission. Composite performance is presented net of all fees and reflects
reinvestment of dividends and capital gains.The fees deducted are less than the
fees charged by the Series. If the expenses of the Series had been deducted, the
performance results would have been lower. As of December 31, 1999, the Growth &
Income Composite had assets of $7,583.6 million, which represented 3.04% of
total assets under management. Accounts enter the composite upon their first
full quarter under management. The percentage of total assets managed is defined
as composite assets as a percentage of the total assets managed including mutual
fund company accounts under management. Performance figures are based upon
historical information and do not guarantee future results. Please see a
prospectus for more complete information regarding the Funds, including the
expenses associated with each portfolio. In addition, the manager responsible
for the historical performance record of the composite from inception to August
of 1997 is no longer with the firm. David Corkins is now the Portfolio Manager
for all Growth & Income Products. No changes were made with regard to the
investment philosophy or process of the Funds. Prospective clients should
recognize the limitations inherent in composites, and consider all information
presented by Janus regarding its investment management capabilities. The S&P 500
is an unmanaged index of common stock prices and includes reinvestment of
dividends and capital gains. They have been taken from published sources and
have not been audited. Composition of each separately managed account portfolio
may differ significantly from securities in the corresponding benchmark indices.
A complete list of Janus composites is available upon request. Please call
800-525-1068.

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 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
providesinvestment 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. At least 65% of its
total assets will be invested, under normal market conditions in fixed-income
securities.

The average duration of the Series typically ranges between three and six years,
although the maturities of the securities it holds may vary. For example, with a
duration of 5 years, there will be a 5% change in the value of the Series with a
1% movement in interest rates. 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 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.

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.

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%
(3rd quarter 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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.80%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.01%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.81%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $83
--------------------------------------------------------------------------------
3 Years $259
--------------------------------------------------------------------------------
5 Years $450
--------------------------------------------------------------------------------
10 Years $1002
--------------------------------------------------------------------------------

Additional Information About the Other 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.

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.

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 stock's price to
fall.

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.

Growth investing risk. Growth companies usually invest a high portion of
earnings in their businesses, and may lack the dividends of value stocks that
can cushion prices in a falling market. Also, earnings disappointments often
lead to sharp declines in prices because investors buy growth stocks in
anticipation of superior earnings growth.

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.

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.

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.

Performance. The bar chart and table below show the past performance of the
Series' shares. The chart presents the annual returns and shows how performance
has varied from year to year. The table shows the Series' 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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.97%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.01%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.98%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $100
--------------------------------------------------------------------------------
3 Years $312
--------------------------------------------------------------------------------
5 Years $542
--------------------------------------------------------------------------------
10 Years $1,201
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 by
investing at least 65% in a diversified portfolio consisting primarily of common
stocks of non-U.S. companies. The Series invests in foreign securities that the
sub-adviser believes offer significant potential for long-term appreciation. The
Series normally has at least three countries represented in its portfolio,
including both developed and emerging markets.

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. The team's
process relies on both top-down macroeconomic and market analysis and bottom-up
fundamental company research.

Putnam selects stocks through a bottom up process, using its valuation approach
to identify significantly mispriced companies. Its 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. Putnam begins by screening its 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. Putnam
typically visits all companies before a purchase decision is finalized.

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 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 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.

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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.18%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.05%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.23%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $125
--------------------------------------------------------------------------------
3 Years $390
--------------------------------------------------------------------------------
5 Years $676
--------------------------------------------------------------------------------
10 Years $1,489
--------------------------------------------------------------------------------

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. In addition to common stocks, the Series may also
invest in other types of securities, such as preferred stocks, convertible
securities, fixed-income 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 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 Lombard Odier International Portfolio
Management Limited and prior to April 1995, he was employed at Baring Asset
Management Company.

<PAGE>

JNL/Putnam Midcap Growth Series

Investment Objective. The investment objective of the JNL/Putnam Midcap 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 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.

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.

o Growth investing risk. Growth companies usually invest a high
portion of earnings in their businesses, and may lack the
dividends of value stocks that can cushion prices in a falling
market. Also, earnings disappointments often lead to sharp
declines in prices because investors buy growth stocks in
anticipation of superior earnings growth. 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 (fees paid directly from your investment)

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 (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 1.05%
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.08%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.13%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $115
--------------------------------------------------------------------------------
3 Years $359
--------------------------------------------------------------------------------
5 Years $622
--------------------------------------------------------------------------------
10 Years $1,375
--------------------------------------------------------------------------------
COMPARABLE PERFORMANCE

Putnam Midcap Equity (S&P Midcap 400) Composite Returns
As of 12/31/1999

Private Account Performance Composite

The Putnam/JNL Midcap Series has substantially similar investment objectives,
policies and investment strategies as certain Private Accounts. Each of these
Private Accounts is managed by the Putnam Advisory Company Inc. of Putnam
Fiduciary Trust Company, affiliates of the Sub-Adviser which manages the
corresponding Series.

The historical performance of a composite of these Private Accounts is shown
below. This performance data should not be considered as an indication of future
performance of the Series. The Private Account performance figures shown below:

The Series and their corresponding Private Account 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 in that Private Accounts are not subject to certain
investment limitations, diversification requirements and other
restrictions imposed by federal tax and securities laws.

However, the differences cited do not alter the conclusion that the Funds have
substantially similar investment objectives, policies and strategies.

The chart below shows performance information derived from historical composite
performance of Private Accounts. The inception date for the composite shown is
March 31, 1992.
<TABLE>
<CAPTION>

----------------------------------------------- -------------------------- ----------------------------------
Putnam Composite S&P Midcap 400 Index
----------------------------------------------- -------------------------- ----------------------------------
<S> <C> <C>
One Year 39.76% 14.72%
----------------------------------------------- -------------------------- ----------------------------------
Three Years (annualized) 26.88% 21.82%
----------------------------------------------- -------------------------- ----------------------------------
----------------------------------------------- -------------------------- ----------------------------------
Five Years (annualized) 28.18% 23.05%
----------------------------------------------- -------------------------- ----------------------------------
----------------------------------------------- -------------------------- ----------------------------------
Since Inception (03/31/92) (annualized) 23.04% 17.48%
----------------------------------------------- -------------------------- ----------------------------------
</TABLE>

1. Composition of Composite

The inception date for the Putnam Midcap Equity (S&P Midcap 400)
Composite was April 1, 1992. The composite is composed of all US
institutional tax-exempt accounts managed by Putnam in this investment
style. It does not include performance of retail funds, accounts for
taxable entities, accounts for non-US investors and accounts whose
investment guidelines differ in a material way from the standard
guidelines established by Putnam for its Midcap Equity (S&P Midcap 400)
accounts. Since tax exempt institutional accounts typically do not need
to manage subscriptions and redemptions on a daily basis, performance
will vary from that of a mutual fund investing in the same investment
style.

Composite returns reflect the deduction of all expenses. The fees
deducted are the same as the highest fees charged by the Series.

Accounts are included no later than the beginning of the first calendar
quarter following three months from the date of funding, and are
excluded as of the last full calendar month under management or such
prior date Putnam receives notice of termination and begins managing
the account in a manner different from other accounts in the composite.

2. Calculation of Composite; Index Disclosure

The investment performance of an individual account within a composite
is calculated monthly using a time-weighted, rate-of-return calculation
method. The investment performance of a composite is calculated monthly
by summing the size-weighted return for that month of the individual
accounts that make up the composite for the month in question. The
investment performance of a composite over periods longer than a month
is calculated by linking its monthly rates of return. The composite's
benchmark is the S&P Midcap 400 Index. Performance calculations for
Putnam accounts and comparative indices reflect changes in value and
reinvestment of all distributions. Putnam portfolios are actively
managed using specified strategies, while the indices are unmanaged and
may contain securities different from those included in Putnam
portfolios.

3. AIMR Verification

The Putnam Midcap Equity (S&P Midcap 400) Composite has been Level II
verified by Arthur Andersen LLP for the calendar years 1993, 1994,
1995, 1996, and 1997. A list of Putnam's composites and auditors'
reports is available upon request. The AIMR requirements differ than
the requirements of the Securities and Exchange Commission.

4. Past Performance

Past performance is not necessarily indicative of future performance.
No assurance can be given as to future performance.

Additional Information About the Other Investment Strategies, Other Investments
and Risks of the Series. 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 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.

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

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. At least 65% of its total assets will be
invested, under normal market conditions, in equity securities. 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 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.

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.

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.

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

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.98%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution (12b-1) Fees 0.02%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 1.00%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $102
--------------------------------------------------------------------------------
3 Years $318
--------------------------------------------------------------------------------
5 Years $552
--------------------------------------------------------------------------------
10 Years $1,225
--------------------------------------------------------------------------------

Additional Information About the Other 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
Chartered 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 Midcap
Growth 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.

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 500 Index/Lehman Bond Aggregate Index 12.30% 13.16%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. The total returns were calculated according to the following
weightings: the S&P 500 Index represents 60% of the equity investments and the
Lehman Bond Aggregate Index represents 40% of the fixed-income investments of
the Series.

* The Series began operations on April 9, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
Management/Administrative Fee 0.20%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.20%
--------------------------------------------------------------------------------
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.

The total annual operating expenses for each JNL/S&P Series (including both the
annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions) could range from .90% to
1.38%. The table below shows estimated total annual operating expenses for each
JNL/S&P Series based on the pro rata share of expenses that the JNL/S&P Series
would bear if they invested in a hypothetical mix of underlying investment
divisions. The adviser believes the expenses shown below to be a likely
approximation of the expenses the JNL/S&P Series will incur based on the actual
mix of underlying investment divisions. The expenses shown below include both
the annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions. The actual expenses of each
JNL/S&P Series will be based on the actual mix of underlying investment
divisions in which it invests. The actual expenses may be greater or less than
those shown.

JNL/S&P Conservative Growth...............................................1.13%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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 Robert D. Jaramillo 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 Financial
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. Jaramillo has
been a senior investment officer with the Quantitative Services department of
Standard & Poor's Financial Information Services since May 1999. Since joining
Standard & Poor's in May 1998, Mr. Jaramillo has provided analytical support for
Standard & Poor's mutual fund advisory products. Prior to 1998, Mr. Jaramillo
worked as an analyst for The Boston Company Asset Management, Inc. Mr. Jaramillo
has had responsibility for the day-to-day management of the Series since August
2000.

<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 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 Midcap
Growth 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.

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 its
performance, such as:

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.

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 500 Index/Lehman Bond Aggregate Index 15.58% 15.38%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. The total returns were calculated according to the following
weightings: the S&P 500 Index represents 75% of the equity investments and the
Lehman Bond Aggregate Index represents 25% of the fixed-income investments of
the Series.

* The Series began operations on April 8, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

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.

JNL/S&P Moderate Growth Series I.................................... 1.15%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About theOther 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.

<PAGE>

JNL/S&P Aggressive Growth Series I

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 Midcap
Growth 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.

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 its
investment performance, such as:

o 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.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 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.

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.

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 500 Index/Lehman Bond Aggregate Index 18.86% 17.59%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. . The total returns were calculated according to the following
weightings: the S&P 500 Index represents 90% of the equity investments and the
Lehman Bond Aggregate Index represents 10% of the fixed-income investments of
the Series.

* The Series began operations on April 8, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Aggressive Growth Series I.................................. 1.18%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Very Aggressive Growth Series I

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 Midcap
Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

Performance. The bar chart and table below show the past performance of the
Series' shares. The chart presents the annual returns 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 since these shares were first offered.
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.

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 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series.

* The Series began operations on April 1, 1998.

Expenses. The table below shows certain expenses you will incur
as a Series investor.

--------------------------------------------------------------------------------
Annual Series Operating Expenses (expenses that are deducted from Series assets)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Management/Administrative Fee 0.20%
--------------------------------------------------------------------------------
Other Expenses 0%
--------------------------------------------------------------------------------
Total Series Annual Operating Expenses 0.20%
--------------------------------------------------------------------------------

JNL/S&P Very Aggressive Growth Series I............................. 1.18%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<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 Midcap
Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

Performance. The bar chart and table below show the past performance of the
Series' shares. The chart presents the annual returns and shows how performance
has varied from year to year. The table shows the annual returns and compares
them to a broad based index since these shares were first offered. 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.

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 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Equity Growth Series I...................................... 1.19%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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. 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 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.

<PAGE>

JNL/S&P Equity Aggressive Growth Series I

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 Midcap
Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

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 Equity Aggressive Growth Series I 45.25% 29.67%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series. * The Series began
operations on April 15, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Equity Aggressive Growth Series I........................... 1.18%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Conservative Growth Series II

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 Midcap Growth 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.

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 its
performance, such as:

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.

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.

Annual Total Returns as of December 31

16.14%
[Inert 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% (3rd
quarter 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 500 Index/ Lehman Bond Aggregate Index 13.39% 13.90%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. The total returns were calculated according to the following
weightings: the S&P 500 Index represents 65% of the equity investments and the
Lehman Bond Aggregate Index represents 35% of the fixed-income investments of
the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will incur as a
Series investor.

JNL/S&P Conservative Growth Series II..........................1.15%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Moderate Growth Series II

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 Midcap Growth 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.

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 its
performance, such as:

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.

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.

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 500 Index/ Lehman Bond Aggregate Index 15.58% 15.38%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. The total returns were calculated according to the following
weightings: the S&P 500 Index represents 75% of the equity investments and the
Lehman Bond Aggregate Index represents 25% of the fixed-income investments of
the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Moderate Growth Series II................................... 1.174%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Aggressive Growth Series II

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 Midcap Growth 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.

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 its
investment performance, such as:

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.

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.

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 500 Index/ Lehman Bond Aggregate Index 18.86% 17.59%
S&P 500 Index 21.05% 19.06%

The S&P 500 Index and the Lehman Bond Aggregate Index are broad-based, unmanaged
indexes. The total returns were calculated according to the following
weightings: the S&P 500 Index represents 90% of the equity investments and the
Lehman Bond Aggregate Index represents 10% of the fixed-income investments of
the Series.

*The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will
incur as a Series investor.

JNL/S&P Aggressive Growth Series II................................. 1.21%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Very Aggressive Growth Series II

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 Midcap Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

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 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will
incur as a Series investor.

JNL/S&P Very Aggressive Growth Series II............................ 1.23%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.
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 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.

<PAGE>

JNL/S&P Equity Growth Series II

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 Midcap Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

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 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Equity Growth Series II..................................... 1.22%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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 VeryAggressive 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.

<PAGE>

JNL/S&P Equity Aggressive Growth Series II

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 Midcap Growth 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.

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 its
investment performance, such as:

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 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 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, a 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 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.

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.

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 500 Index 21.05% 19.06%

The S&P 500 Index is a broad-based, unmanaged indexes. The S&P 500 Index
represents 100% of the equity investments of the Series.

* The Series began operations on April 13, 1998.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

JNL/S&P Equity Aggressive Growth Series II.......................... 1.23%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.
David M. Blitzer and Robert D. Jaramillo 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 Financial
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. Jaramillo has
been a senior investment officer with the Quantitative Services department of
Standard & Poor's Financial Information Services since May 1999. Since joining
Standard & Poor's in May 1998, Mr. Jaramillo has provided analytical support for
Standard & Poor's mutual fund advisory products. Prior to 1998, Mr. Jaramillo
worked as an analyst for The Boston Company Asset Management, Inc. Mr. Jaramillo
has had responsibility for the day-to-day management of the Series since August
2000.

<PAGE>

JNL/S&P Conservative Growth Series

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
Stock 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 Midcap Growth 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.

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 its
performance, such as:

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.

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.

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 the year ended December 31, 1999.

Expenses. The table below shows certain expenses you will incur as a Series
investor.

The total annual operating expenses for each JNL/S&P Series (including both the
annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions) could range from .90% to
1.38%. The table below shows estimated total annual operating expenses for each
JNL/S&P Series based on the pro rata share of expenses that the JNL/S&P Series
would bear if they invested in a hypothetical mix of underlying investment
divisions. The adviser believes the expenses shown below to be a likely
approximation of the expenses the JNL/S&P Series will incur based on the actual
mix of underlying investment division. The expenses shown below include both the
annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions. The actual expenses of each
JNL/S&P Series will be based on the actual mix of underlying investment
divisions in which it invests. The actual expenses may be greater or less than
those shown.

JNL/S&P Conservative Growth Series ................................. 1.04%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Moderate Growth Series

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
Stock 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 Midcap Growth 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.

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 its
performance, such as:

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 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, a Series would experience a reduction in
its income, a decline in the market value of the securities so
affected and a decline in the valueof 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 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 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.

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

Expenses. The table below shows certain expenses you will incur as a Series
investor.

The total annual operating expenses for each JNL/S&P Series (including both the
annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions) could range from .90% to
1.38%. The table below shows estimated total annual operating expenses for each
JNL/S&P Series based on the pro rata share of expenses that the JNL/S&P Series
would bear if they invested in a hypothetical mix of underlying investment
divisions. The adviser believes the expenses shown below to be a likely
approximation of the expenses the JNL/S&P Series will incur based on the actual
mix of underlying investment division. The expenses shown below include both the
annual operating expenses for the JNL/S&P Series and the annual operating
expenses for the underlying investment divisions. The actual expenses of each
JNL/S&P Series will be based on the actual mix of underlying investment
divisions in which it invests. The actual expenses may be greater or less than
those shown.

JNL/S&P Moderate Growth Series ..................................... 1.00%

--------------------------------------------------------------------------------
Expense Example
--------------------------------------------------------------------------------
1 Year $20
--------------------------------------------------------------------------------
3 Years $64
--------------------------------------------------------------------------------
5 Years $113
--------------------------------------------------------------------------------
10 Years $255
--------------------------------------------------------------------------------

Additional Information About the Other 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.

<PAGE>

JNL/S&P Aggressive Growth Series

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
Stock 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 Midcap Growth 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.