JNL Multi-Manager Alternative Fund

C000192217 Fund Overview

JNL Multi-Manager Alternative Fund is a US mutual fund managed by JNL Series Trust, categorised as Capital Appreciation / Growth Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: JNL Series Trust
• Category: Capital Appreciation / Growth Allocation
• Assets under management: $958.72M
• 1-year return: 4.0%
• SEC CIK: 0000933691
• SEC series ID: S000048717
• Share class ID: C000192217

C000192217 Investment Objective and Strategy

JNL Multi-Manager Alternative Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JNL Series Trust.

Investment objective

The investment objective of the Fund is to seek long term growth of capital.

Principal investment strategy

The Fund seeks to achieve its investment objective by allocating among a variety of alternative strategies managed by seven unaffiliated investment managers (Sub-Advisers) sometimes referred to as sleeves. Each of the Sub-Advisers generally provides day-to-day management for a portion of the Funds assets. The Fund may invest in securities and other financial instruments of companies of any market capitalization. The Fund may invest in securities and other financial instruments available in and which have exposure to both U.S. and non-U.S. markets, including emerging markets, which can be U.S. dollar-denominated or non-U.S. dollar-denominated and may be currency hedged or un-hedged. The Fund may invest in corporate loans. The Fund may invest in derivatives transactions such as options, futures contracts or swap agreements, including credit default swaps.

The Funds derivative exposure will vary from time to time depending upon market conditions, inflows and outflows of investments in the Fund and other factors considered by the Sub-Advisers from time to time. An emerging market country is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund (all sleeves collectively) may invest up to 15% of its net assets in illiquid investments that are assets. The Fund considers investments in private equity securities and hedge funds as illiquid investments. The Adviser may allocate up to 10% of the Funds total assets in other investment companies, which will primarily be in private funds or other pooled investment vehicles that would qualify as investment companies under the 1940 Act but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act (Private Funds).

Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. The Adviser is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. The Adviser provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. The Adviser is also responsible for selecting the Funds alternative investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. JNAM also may choose to allocate the Funds assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

Below are the principal investment strategies for each Sub-Advisers strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategys objective. Equity Long/Short Strategies First Pacific Advisors, LP (FPA) pursues a contrarian value strategy that seeks to identify absolute value opportunities across the capital structure, and in a variety of market capitalizations, geographies and sectors with the long-term objective of achieving equity-like rates of return with less risk than the market and avoid permanent impairment of capital. Being contrarian in nature means the management team focuses on out-of-favor companies, does not pay close attention to benchmark weightings and is willing to hold meaningful amounts of cash for prolonged periods if opportunities for investment do not present themselves.

FPA seeks value in companies whose securities are trading at a substantial discount to FPAs estimate of their intrinsic value. Investments may include, but are not limited to, common and preferred stock, convertible securities, contingent convertible securities, rights and warrants, corporate and high yield bonds (commonly referred to as junk bonds), as well as government debt. In addition, FPA may sell securities short. Boston Partners Global Investors, Inc. (Boston Partners) provides sub-investment advisory services for the portion of the Funds assets allocated to Boston Partners in connection with certain securities that were issued by or that provide exposure to Russian companies. As of the date of this prospectus, it is contemplated that the duration of Boston Partners involvement in managing these investments will be for however long it takes the Fund to exit such investments.

Loomis, Sayles & Company, L.P. (Loomis Sayles) invests in equity securities of companies of any market capitalization. While the majority of investments will be long, there may be opportunities where the strategy holds short investments. Under normal market conditions, the strategy will maintain long and short investments in equity securities. As a substitute for short investments, the strategy may utilize market hedging strategies consisting of short exposures to indices, sectors or other securities or assets. Kayne Anderson Rudnick Investment Management, LLC (KAR) invests in equity securities and equity-related instruments, in long and short positions of primarily U.S.-listed equity securities of any capitalization. The long investment strategy aims to purchase the stock of issuers deemed by KAR as high-quality companies at attractive valuations.

KAR defines high-quality companies to include a durable competitive advantage, strong management team, and reasonable capital structure. The short investment strategy aims to sell short the stock of low-quality companies whose share price KAR expects to drop because it does not accurately reflect the poor fundamentals of the business. KAR defines low-quality companies to include an erratic or mediocre financial performance, poor history of capital allocation, a flawed business model and/or an aggressive capital structure. Event Driven and Merger Arbitrage Strategy Westchester Capital Management, LLC (Westchester) employs a merger arbitrage strategy (Merger Arbitrage Strategy) that invests in the common stock, preferred stock, corporate debt, derivatives, total return swaps and/or contracts for difference and, occasionally, warrants of companies which are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.

The Fund may also invest in special purpose acquisition companies, a form of investment vehicle typically formed for the purpose of acquiring an operating business. Although a variety of strategies may be employed depending upon the nature of the reorganizations selected for investment, the simplest form of merger-arbitrage activity involves purchasing the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. Relative Value Strategies DoubleLine Capital LP (DoubleLine) employs an opportunistic income strategy by allocating investments to fixed-income instruments and other investments with no limit on the duration of the strategy. DoubleLine may invest in, without limitation, asset-backed securities; domestic and foreign corporate bonds, including high-yield bonds; municipal bonds; bonds or other obligations issued by domestic or foreign governments, including emerging markets countries; real estate investment trust (REIT) debt securities; and mortgage-related securities.

When investing in mortgage-related securities, DoubleLine may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government; collateralized mortgage obligations (CMOs) issued by domestic or foreign private issuers that represent an interest in or are collateralized by mortgage related securities issued by agencies or instrumentalities of the U.S. Government; commercial mortgage backed securities (CMBS); obligations issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or mortgage related securities without a government guarantee but typically with some form of private credit enhancement; interest only and principal only stripped mortgage securities; inverse floating rate securities; and debt or equity tranches of collateralized debt obligations collateralized by mortgage related securities.

DoubleLine may seek to manage the duration of the Funds portfolio through the use of derivative instruments and other investments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund incurs costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful. Lazard Asset Management LLC (Lazard) invests in convertible securities, contingent convertible securities, preferred securities, equity, and debt, with the objective of current income, long-term capital appreciation and principal protection. Lazards Portfolio Management Team constructs a diversified portfolio of convertible securities, contingent convertible securities, preferred stocks, equity, and debt that have been evaluated on relative valuation and risk attributes.

Lazard may use over-the-counter total return swaps as part of its investment strategy.

C000192217 Holdings

Top 10 holdings of JNL Multi-Manager Alternative Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000192217 holdings

C000192217 Portfolio Allocation

Asset-class allocation of JNL Multi-Manager Alternative Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000192217 Performance

Total returns for C000192217 (as of 2026-10-01), from SEC filings.

C000192217 Risk Information

Risk metrics for C000192217, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.7%

C000192217 Costs and Fees

C000192217 costs about $200 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.00%
• Gross expense ratio: 2.08%
• Portfolio turnover: 165%
• Brokerage commissions: 4.64 bps of average net assets (SEC N-CEN)

C000192217 Cashflows

Over the 12 months to 2026-06, JNL Multi-Manager Alternative Fund had net inflows of $19.46M, from monthly SEC N-PORT filings.

C000192217 Debt Constituents

Largest debt holdings of JNL Multi-Manager Alternative Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000192217 Prospectus and SEC Filings

Official JNL Multi-Manager Alternative Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-23
• Prospectus (485BPOS) — filed 2025-04-24
• Prospectus (485BPOS) — filed 2024-04-26
• Portfolio holdings (N-PORT) — filed 2026-08-26
• Portfolio holdings (N-PORT) — filed 2026-05-28
• Portfolio holdings (N-PORT) — filed 2026-02-25
• Annual census (N-CEN) — filed 2026-03-12
• Annual census (N-CEN) — filed 2025-03-14

Related Funds

Other Capital Appreciation / Growth Allocation funds tracked on ABC INVEST:

• Catalyst/Millburn Hedge Strategy Fund (MBXAX)
• Roundhill Magnificent Seven ETF (MAGS)
• SPDR Bridgewater All Weather ETF (ALLW)
• Capital Appreciation Value Fund (JCAVX)
• Goldman Sachs Growth Strategy Portfolio (GGSIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.