JNL Multi-Manager International Small Cap Fund

C000202637 Fund Overview

JNL Multi-Manager International Small Cap Fund is a US mutual fund managed by JNL Series Trust, categorised as Developed ex-US Small Cap Blend / Core Equity. 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: Developed ex-US Small Cap Blend / Core Equity
• Assets under management: $1.01B
• 1-year return: 15.3%
• SEC CIK: 0000933691
• SEC series ID: S000062460
• Share class ID: C000202637

C000202637 Investment Objective and Strategy

JNL Multi-Manager International Small Cap 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 long-term capital appreciation.

Principal investment strategy

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 for investment purposes) in the equity securities of international companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar Global ex-US Small Cap Target Market Exposure Index. As of December 31, 2025, the range of such companies in the Morningstar Global ex-US Small Cap Target Market Exposure Index was $273.95 million to $30.75 billion. The Fund generally will invest in the securities of companies domiciled in at least three different countries. However, from time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries.

As of the date of the prospectus, the Fund invested significantly in securities of companies domiciled in Japan. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, the Fund may have significant investments in particular sectors, including but not limited to the industrials sector. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. The equity securities in which the Fund may invest can be traded on an exchange or in over-the-counter markets and include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

The Funds investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (ADRs, EDRs, CDRs, and GDRs, respectively), and other similar securities. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund may participate in initial public offerings (IPOs) and in securities offerings that are not registered in the U.S. In some emerging markets, the Fund may invest in companies that qualify as smaller companies but still are among the largest in that market. The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission (SEC) but are typically treated as liquid securities because there is a market for such securities.

Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. A company is considered to be in an emerging or frontier country or market if the company has been registered, incorporated, or organized under the laws of, has headquarters or its principal offices in, or has its stock exchange listing or its securities principally traded in, the emerging or frontier country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging or frontier country or market. The Fund considers a company to be domiciled in a country if the company is registered, incorporated or organized under the laws of that country, has headquarters or its principal place of business in that country, or has its stock exchange listing or its securities principally traded in that country.

Three unaffiliated investment managers (Sub-Advisers) generally provide day to day management for a portion of the Funds assets (each portion is sometimes referred to as a sleeve). 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. Jackson National Asset Management, LLC (JNAM or Adviser) is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Funds investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser.

Based on JNAMs ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers. The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Funds 80% policy and are consistent with the Funds investment policies and limitations with respect to investments in derivatives. JNAM 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. WCM Strategy WCM Investment Management, LLC (WCM) constructs the strategy by investing in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries. Causeway Strategy Causeway Capital Management LLC (Causeway) constructs the strategy by investing primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S.

The Causeway Strategy may invest in a wide range of industries. FIAM Strategy FIAM LLC (FIAM) constructs the FIAM Strategy by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets with small market capitalizations. FIAM uses fundamental analysis of factors such as each issuers financial condition and industry position, and market and economic conditions to select investments.

C000202637 Holdings

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

View all C000202637 holdings

C000202637 Portfolio Allocation

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

C000202637 Performance

Total returns for C000202637 (as of 2026-10-01), from SEC filings.

C000202637 Risk Information

Risk metrics for C000202637, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 16.5%

C000202637 Costs and Fees

C000202637 costs about $120 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.20%
• Gross expense ratio: 1.20%
• Portfolio turnover: 116%
• Brokerage commissions: 15.90 bps of average net assets (SEC N-CEN)

C000202637 Cashflows

Over the 12 months to 2026-06, JNL Multi-Manager International Small Cap Fund had net inflows of $224.39M, from monthly SEC N-PORT filings.

C000202637 Debt Constituents

No individual debt constituents are reported in JNL Multi-Manager International Small Cap Fund's latest SEC N-PORT filing.

C000202637 Prospectus and SEC Filings

Official JNL Multi-Manager International Small Cap 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 Developed ex-US Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard FTSE All-World Ex-US Small-Cap Index Fund (VFSNX)
• Dimensional International Small Cap ETF (DFIS)
• Schwab International Small-Cap Equity ETF (SCHC)
• Fidelity International Small Cap Fund (FISMX)
• Invesco International Small-Mid Company Fund (OSCIX)

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.