# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000305
**Filing Date:** 2026-4
**Character Count:** 46261
**Document Hash:** bb02f05fef92a3116c98e3484e84bd6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000305.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000305

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691

**ORGANIZATION NAME:**
- **EIN:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 26897105

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517) 367-4336

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL/Neuberger Berman Gold Plus Strategy Fund (Series ID: S000075430)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234522 | JNL/Neuberger Berman Gold Plus Strategy Fund (I) |  |
| C000234523 | JNL/Neuberger Berman Gold Plus Strategy Fund (A) |  |

**Summary Prospectus – April 27, 2026**

**JNL/Neuberger Berman Gold Plus Strategy Fund**

**Class A**

**Class I**

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and most recent reports to shareholders, online at https://www.jackson.com/fund-literature.html. You can also get this information at no cost by calling 1-800-644-4565 (Annuity and Life Service Center), 1-800-599-5651 (NY Annuity and Life Service Center), 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), or by sending an email request to <u>ProspectusRequest@jackson.com</u>. The current Prospectus and SAI, both dated April 27, 2026, as amended, are incorporated by reference into (which means they legally are a part of) this Summary Prospectus.

**Investment Objective.** The investment objective of the Fund is to seek total return.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class A** |
| Management Fee | 0.65% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.04% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 1.14% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

<sup>3</sup> Expense information has been restated to reflect current fees.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class I** |
| Management Fee | 0.65% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.04% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.84% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

<sup>3</sup> Expense information has been restated to reflect current fees.

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund Class A** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class A** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class A** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $116 | $362 | $628 | $1386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund Class I** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class I** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class I** | **JNL/Neuberger Berman Gold Plus Strategy Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $86 | $268 | $466 | $1037 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

---

| | |
|:---|:---|
| **Period** | |
| 1/1/2025 - 12/31/2025 | 66% |

---

**Principal Investment Strategies.** Under normal conditions, the Fund will primarily invest in gold futures contracts that provide investment exposure to gold and in fixed-income instruments. The Fund may also invest in exchange-traded funds ("ETFs") that provide investment exposure to physical gold. The Fund concentrates its investments in the metals and mining industry and therefore invests 25% or more of its total assets in such industry. The Fund may also invest in derivatives and ETFs that provide investment exposure to precious metals, including, but not limited to, silver, platinum, and palladium.

Because gold is a commodity, the Fund seeks to gain long exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments. The performance of these commodity-linked derivative instruments is expected to correspond to the performance of the commodity underlying the derivative instrument, without requiring the Fund to invest directly in commodities. For purposes of calculating the Fund's exposure to gold, the Fund's investments in gold futures contracts are based on the notional value.

Fund assets not invested in commodity-linked derivative instruments, other commodity-related instruments, or exchange-traded funds that provide investment exposure to commodities will be invested in fixed income securities, cash or cash equivalent instruments, or money market mutual funds.

The Fund may hold commodity-linked derivative instruments that provide leveraged exposure to commodities so that the Fund's investment exposure to commodities (through their use of commodity-linked derivative instruments) may, at times, equal or slightly exceed the Fund's net assets.

In managing the Fund's commodity investments, the Fund's sub-adviser, Neuberger Berman Investment Advisers LLC (the "Sub-Adviser") primarily seeks exposure to the gold commodity. The Sub-Adviser will also incorporate a marginal mix of investments with exposures to precious metal commodities and bitcoin futures to seek to diversify the Fund's investment exposure. To gain exposure to gold and other precious metals commodities, the Fund will invest in futures contracts that are typically within 1 year to expiration. To gain exposure to bitcoin, the Fund may invest in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange ("CME") that are typically within 1 year to expiration. The Fund may also invest in physical bitcoin exchange-traded funds ("ETFs") to gain exposure to bitcoin.

**The Fund will not directly invest in bitcoin or other cryptocurrencies, but may invest in bitcoin through ETFs as described in this paragraph.** The Fund may invest up to 5% of its total assets in assets linked to bitcoin, which are either physical bitcoin ETFs or cash-settled bitcoin futures traded on the CME, which is a futures exchange registered with the Commodity Futures Trading Commission ("CFTC"). Bitcoin is a digital currency, which is a means of payment that exists in a purely electronic form and is accounted for and transferred using online systems. Due to market appreciation or other fluctuations in the Fund's net asset level, the Fund's investments in cash-settled bitcoin futures traded on the CME as well as physical bitcoin ETFs may be rebalanced on a monthly basis.

The Fund's fixed income investments will be mainly in investment grade fixed income securities and are intended to provide liquidity and limit downside risk to capital and may serve as collateral for the Fund's derivative instruments. These may include fixed income securities issued by the U.S. Government and its agencies and instrumentalities, bank certificates of deposit, mortgage-backed securities, asset-backed securities, and corporate securities. The Fund considers fixed income securities to be investment grade if, at the time of investment, they are rated within the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Sub-Adviser to be of comparable quality.

The Fund may invest in cash or cash equivalent instruments. Because the Fund will use derivatives to gain exposure to gold and other precious metals, as well as cash-settled bitcoin futures traded on the CME, and because derivatives may not require the Fund to deposit the full notional amount of the investment, the Fund may invest a significant amount of its assets in money market mutual funds or other fixed income instruments, as described above. The Fund's use of commodity-linked derivative instruments to obtain long exposure to the commodity markets may result in leverage, which amplifies the risks that are associated with the commodities

underlying the derivative instruments. The Fund's aggregate investment exposure, as measured on a notional basis, may be greater than 100% of the Fund's total assets from time to time.

Although the Fund invests primarily in domestic securities and other instruments, it may also invest in foreign securities and other instruments.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

· *Bitcoin futures risk* – The bitcoin futures contracts the Fund may invest in are traded on a futures exchange registered
with the Commodity Futures Trading Commission. Bitcoin futures expose the Fund to all of the risks related to cryptocurrency discussed
under "Cryptocurrency risk" below and also expose the Fund to risks specific to bitcoin futures.

The market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets given that the bitcoin futures market is relatively new. In addition, the Chicago Mercantile Exchange ("CME"), the exchange on which bitcoin futures are traded, and its related clearinghouses and the Fund's futures commission merchants ("FCMs") generally require the Fund to maintain relatively high levels of initial margin at the clearinghouse and FCM in connection with bitcoin futures. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure.

In addition, bitcoin futures have generally exhibited significant price volatility relative to traditional asset classes. Bitcoin futures may also experience significant price volatility as a result of being the target of market fraud and manipulation. Futures contracts based on bitcoin are also subject to the risks otherwise applicable to derivatives and, in particular, futures contracts, discussed below.

· *Bitcoin futures capacity risk* – If the Fund's ability to obtain exposure to bitcoin futures contracts consistent
with its investment objective is disrupted for any reason including, for example, limited liquidity in the bitcoin futures market, a disruption
to the bitcoin futures market, or as a result of margin requirements or position limits imposed by the Fund's futures commission
merchants ("FCMs"), the Chicago Mercantile Exchange ("CME"), or the U.S. Commodity Futures Trading Commission ("CFTC"),
the Fund may not be able to achieve its investment objective and may experience significant losses. In addition, future regulatory changes
involving buying and selling bitcoin futures may limit the ability of the Fund to achieve its investment objective.

· *Call risk –* Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by
repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates.

· *Commodities regulatory risk* – Commodity-related operating companies typically are subject to significant foreign, federal,
state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained
and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. The U.S. Commodity
Futures Trading Commission ("CFTC") and the exchanges on which futures contracts and related options are traded are authorized
to take extraordinary actions in the event of a market emergency, including, for example, establishing daily limits and suspending trading.
In addition, compliance with certain CFTC requirements may increase the Fund's expenses. Future regulatory developments may impact
the Fund's ability to invest in commodity-linked derivatives.

· *Commodity risk* **–** Commodity prices can be extremely volatile and may be directly or indirectly affected by many
factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in
interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry
or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products,
transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international
regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels).

· *Commodity-linked derivatives risk –* The value of a commodity-linked derivative investment is typically based upon the
price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The
value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying
benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such
as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political
and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity
or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.
A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked
derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore,
at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that
are more or less than the stated coupon interest payments.

· *Concentration risk* **–** The Fund may concentrate its investments in certain securities, including commodity-linked
derivative instruments. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment
or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political
developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

· *Counterparty risk* **–** Transactions involving a counterparty are subject to the credit risk of the counterparty.
A fund that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or
that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise
honor its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business
interruption, the Fund could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments
it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.

· *Credit risk* **–** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty,
or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt instrument can decline
in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment.
The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase
agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise
honor its obligations.

· *Currency risk* **–** Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies,
or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the
case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be
volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and
foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency
versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.

· *Cryptocurrency risk* – Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies")
are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of
cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency is a newer technological innovation with limited history; it
is highly speculative and future regulatory actions or policies may significantly affect the price of cryptocurrencies, and thus the value
of the Fund's bitcoin futures contracts or physical bitcoin exchange-traded funds ("ETFs"). The growth of cryptocurrency
markets and the acceptance of bitcoin as a digital currency is subject to significant uncertainty, and to the extent the pace of this
growth slows or reverses, the price of bitcoin and the Fund's bitcoin futures contracts or physical bitcoin ETFs may decline.

The value of cryptocurrencies is normally determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The market price of bitcoin has been subject to extreme fluctuations, and may be highly volatile. If cryptocurrency markets continue to be subject to sharp fluctuations, the Fund's exposure to bitcoin futures contracts or physical bitcoin ETFs could result in substantial losses to the Fund. Cryptocurrency generally operates without central authority (such as a bank), and the value is generally not backed by any government, corporation, or other identified body. Cryptocurrency is not legal tender; Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, which could severely affect the value of any holdings. Regulation of cryptocurrencies in the United States is still developing and is subject to significant uncertainty. The treatment of cryptocurrency for U.S. federal, state and local income tax purposes is also uncertain. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction.

Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges are also subject to cyber security risks. Cryptocurrency exchanges have experienced cyber security breaches in the past and may be breached in the future, which could result in the theft and/or loss of bitcoin and other cryptocurrencies and impact the value of bitcoin, bitcoin futures and physical bitcoin ETFs. The Fund's investment exposure to bitcoin through bitcoin futures contracts or physical bitcoin ETFs remains subject to volatility experienced by the cryptocurrency exchanges and other cryptocurrency trading venues. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware, which may also affect the price of bitcoin and thus the Fund's investment exposure to bitcoin.

· *Bitcoin ETF risk* **–** Investments in bitcoin ETFs are subject to the risks identified in *Cryptocurrency risk* and *Exchange-traded funds investing risk* described herein. The values of bitcoin ETFs are subject to change as the values of the
bitcoin ETFs' component assets (i.e., bitcoin or bitcoin futures contracts) fluctuate due to market volatility. Bitcoin ETFs may
trade in the secondary market at a premium to or discount from their net asset values, and the Fund may purchase or sell shares of bitcoin
ETFs at prices above or below such net asset values. Because the market price of ETF shares depends in part on the demand in the market
for the shares, as well as on the value of the ETF's component assets, and because the market price of ETF shares is subject to
tracking error, the market price of a bitcoin ETF may be more volatile than the underlying bitcoin or bitcoin futures contracts in which
the bitcoin ETF invests. In addition, there is no guarantee that an active trading market for bitcoin ETFs will exist at any time and
the Fund may not be able to liquidate bitcoin ETF holdings at the time or price desired, which may adversely

impact Fund performance. Furthermore, there may be times when the exchange halts trading, in which case the Fund would be unable to sell them until trading is resumed.

· *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived
from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and
certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage
risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or
improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest
rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

· *Exchange-traded funds investing risk –* An investment in an ETF generally presents the following risks: (i) the same primary
risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies
and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective;
(iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its net asset value; (v)
the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer
meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of
the Fund bear their proportionate share of the ETF's fees and expenses as well as their share of the Fund's fees and expenses.

· *Extension risk* – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated,
which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more
sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest
rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and
may lose value.

· *Fixed-income risk* **–** The price of fixed-income securities responds to economic developments, particularly interest
rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price
of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security
before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other
fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or
an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default.
Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer
is in default.

· *Forward and futures contract risk –* The successful use of forward and futures contracts draws upon the Sub-Adviser's
skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect
correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b)
possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract
when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser's inability
to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility
that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient
cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities
at a time when it may be disadvantageous to do so.

· *Interest rate risk* **–** When interest rates increase, fixed-income securities generally will decline in value. Long-term
fixed income securities normally have more price volatility than short-term fixed income securities. The value of certain equity investments,
such as utilities and real estate-related securities, may also be sensitive to interest rate changes.

· *Investment in money market funds risk* **–** Although a money market fund is designed to be a relatively low risk investment,
it is not free of risk. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or
any other government agency. Although such funds seek to maintain a net asset value of $1.00 per share, it is possible to lose money by
investing in a money market fund.

· *Investment in other investment companies risk –* As with other investments, investments in other investment companies,
including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including
ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory
fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held
by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

· *Investment strategy risk* **–** The Sub-Adviser uses the principal investment strategies and other investment strategies
to seek to achieve the Fund's investment objective. Investment decisions made by the Sub-Adviser in accordance with these investment
strategies may not produce the returns the Sub-Adviser expected, and may cause the Fund's shares to decline in value or may cause
the Fund to underperform other funds with similar investment objectives.

· *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the
market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly
relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's
goods or services.

· *Leverage risk* **–** Certain derivative transactions involve the use of leverage and may cause the Fund to liquidate
portfolio positions at disadvantageous times to satisfy its obligations. The effect of using leverage is to amplify the Fund's gains
and losses in comparison to the amount of the Fund's assets (that is, assets other than borrowed assets) at risk, which may cause
the Fund's portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net
assets of the Fund.

· *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities)
may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure
to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions
of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

· *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and
sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial
condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial
markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment
objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the
investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be
achieved.

· *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as
real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor
sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among
others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities
may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

· *Model risk –* The Sub-Adviser relies heavily on quantitative models and information and data supplied or made available
by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide
risk management insights, and to assist in hedging the Fund's investments. The Fund bears the risk that the proprietary quantitative models
used by the portfolio managers will not be successful in identifying securities that will help the Fund achieve its investment objectives,
which may cause the Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove
to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose
the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used
by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are
usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy
and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded
model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ
substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is
unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future
or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and
are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser,
in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from
time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

· *Mortgage-related and other asset-backed securities risk* **–** Rising interest rates tend to extend the duration of
mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility.
When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.

· *Precious metals-related securities risk **–*** Prices of precious metals and of precious metals-related securities
historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial condition of companies
involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can
be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact
on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes
in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.

· *Prepayment risk* **–** During periods of falling interest rates, a debt security with a high interest rate may be prepaid
before its expected maturity date. The Fund may have to reinvest the proceeds in an investment that may have lower yields than the yield
on the prepaid debt security. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price
of a debt instrument depends on the terms of the instrument.

· *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector
risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market.
For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector.
Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible
to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform

other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

· *U.S. Government securities risk* – Obligations issued by agencies and instrumentalities of the U.S. Government vary in
the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury;
(ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S.
Government to purchase the issuer's obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability
of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support
from the U.S. Treasury.

· *Volatility risk –* The Fund may have investments that appreciate or depreciate significantly in value over short periods
of time. This may cause the Fund's net asset value per share to experience significant appreciations or depreciations in value over
short periods of time.

· *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with
U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding
or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political
upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural disasters. Many foreign
securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S.
securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less
publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies
of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross
national product, reinvestment of capital, resources and balance of payments position.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2023:13.02, 2024:24.86, 2025:62.62)](image_001.jpg)

**Best Quarter (ended 3/31/2025):** 16.86%; **Worst Quarter (ended 9/30/2023):** -4.10%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2023:13.3, 2024:25.19, 2025:63.16)](image_002.jpg)

**Best Quarter (ended 3/31/2025):** 16.94%; **Worst Quarter (ended 9/30/2023):** -3.98%

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Fund (April 25, 2022)** |
| JNL/Neuberger Berman Gold Plus Strategy Fund (Class A) | 62.62% | 22.79% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes) | 62.46% | 23.57% |

---

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Class (April 25, 2022)** |
| JNL/Neuberger Berman Gold Plus Strategy Fund (Class I) | 63.16% | 23.18% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes) | 62.46% | 23.57% |

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**Portfolio Management.**

**Investment Adviser to the Fund:**<br> Jackson National Asset Management, LLC ("JNAM")

**Sub-Adviser:** <br> Neuberger Berman Investment Advisers LLC ("NBIA")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Hakan Kaya | April 2022 | Managing Director, NBIA |
| David Yi Wan | April 2022 | Senior Vice President, NBIA |
| Michael Foster | April 2022 | Managing Director, NBIA |

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**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.