JNL/T. Rowe Price Short-Term Bond Fund Class A

The fund will invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and asset- and mortgage-backed securities. It may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities. Normally, the fund will invest at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in bonds. The fund's average effective maturity will normally not exceed three (3) years.