JNL/WCM Focused International Equity Fund Class I

The investment seeks long-term capital appreciation by investing primarily in companies located outside of the United States. The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities. The fund's investments in equity securities may include common stocks, preferred stocks and warrants. The fund invests primarily in equity securities or depositary receipts of non-U.S. domiciled companies located in developed countries, but may also invest in emerging markets and less developed countries.