Jackson National closes five equity funds to VA separate account investors

By Wed, Jun 8, 2011

With a May 31 SEC filing, the company has apparently made good on its parent company's promise to de-risk the equity exposure of its top-selling variable annuity. The changes will take effect August 29.

In a May 31 SEC filing, Jackson National Life said that, effective August 29, 2011, it would close the following variable annuity investment options to all separate account investors, but leave them available to Funds of Funds:

  • The JNL Institutional Alt 65 Fund will be closed to all investors
  • The JNL/Goldman Sachs Emerging Markets Debt Fund
  • The JNL/Lazard Emerging Markets Fund
  • The JNL/Mellon Capital Management Global Alpha Fund
  • The JNL/Red Rocks Listed Private Equity Fund

According to the prospectus:

The JNL Disciplined Moderate Fund, the JNL Disciplined Moderate Growth Fund, and the JNL Disciplined Growth Fund are also referred to in this Prospectus as the JNL Disciplined Funds. The JNL Institutional Alt 20 Fund, the JNL Institutional Alt 35 Fund, the JNL Institutional Alt 50 Fund, the JNL Institutional Alt 65 Fund are also referred to in this Prospectus as the JNL Alt Funds. Also effective August 29, 2011, the JNL/BlackRock Global Allocation Fund no longer utilizes a master-feeder structure.  

Effective August 29, 2011, the JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Mellon Capital Management Global Alpha Fund, and JNL/Red Rocks Listed Private Equity Fund are only available as underlying funds to the JNL/S&P Funds and JNL Alt Funds.

Also effective August 29, 2011, the JNL/Goldman Sachs Emerging Markets Debt Fund is only available as an underlying fund to the JNL Disciplined Funds, the JNL/AQR Managed Futures Strategy Fund is only available as an underlying fund to the JNL/S&P Funds and the JNL Alt Funds, and the JNL/Mellon Capital Management Emerging Markets Index Fund is only available as an underlying fund to the JNL/S&P Funds and JNL Disciplined Funds.