# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-001261
**Filing Date:** 2025-12
**Character Count:** 54380
**Document Hash:** cd0bc8e7ec88ed842fa7752f5d3e799a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-001261.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0000933691-25-001261

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**EFFECTIVENESS DATE**: 20251212

**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:** 251566737

**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/JPMORGAN GLOBAL ALLOCATION FUND (Series ID: S000044434)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000138276 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (A) |  |
| C000138277 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (I) |  |

**Summary Prospectus – April 28, 2025, as amended December 12, 2025**

**JNL/JPMorgan Global Allocation 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 28, 2025, 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 maximize long-term 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 | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.16% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.02% |
| Total Annual Fund Operating Expenses | 1.08% |
| Less Waiver/Reimbursement<sup>3</sup> | 0.02% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement<sup>4</sup> | 1.06% |

---

<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.

<sup>4</sup> JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the Acquired Funds Fees and Expenses ("AFFE") attributable to the Fund's investment in funds managed by the Sub-Adviser, J.P. Morgan Investment Management Inc. (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund.

---

| | |
|:---|:---|
| **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 | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.16% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.02% |
| Total Annual Fund Operating Expenses | 0.78% |
| Less Waiver/Reimbursement<sup>3</sup> | 0.02% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement<sup>4</sup> | 0.76% |

---

<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.

<sup>4</sup> JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the Acquired Funds Fees and Expenses ("AFFE") attributable to the Fund's investment in funds managed by the Sub-Adviser, J.P. Morgan Investment Management Inc. (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund.

**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. The example also assumes that the contractual expense limitation agreement is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund Class A** | **JNL/JPMorgan Global Allocation Fund Class A** | **JNL/JPMorgan Global Allocation Fund Class A** | **JNL/JPMorgan Global Allocation Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $108 | $341 | $594 | $1315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund Class I** | **JNL/JPMorgan Global Allocation Fund Class I** | **JNL/JPMorgan Global Allocation Fund Class I** | **JNL/JPMorgan Global Allocation Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $78 | $247 | $431 | $964 |

---

**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** | |
| 1/1/2024 - 12/31/2024 | 100% |

---

**Principal Investment Strategies.** In seeking to achieve its investment objective, the Fund has significant flexibility to invest in a broad range of equity, fixed income, and alternative asset classes in the U.S. and other markets throughout the world, both developed and emerging. J.P. Morgan Investment Management Inc. ("JPMorgan" or the "Sub-Adviser") uses a flexible asset allocation approach in constructing the Fund's portfolio.

Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States unless JPMorgan determines that conditions are not favorable. If JPMorgan determines that conditions are not favorable, the Fund may invest under 40% of its total assets in non-U.S. countries provided that the Fund will not invest less than 30% of its total assets in non-U.S. countries under normal circumstances except for temporary defensive purposes. JPMorgan will invest in issuers in at least three countries other than the U.S. under normal circumstances. The Fund will invest across the full range of asset classes.

The Fund's equity investments may include common stock, preferred stock, exchange traded funds ("ETFs"), convertible securities, depositary receipts, warrants to buy common stocks, master limited partnerships ("MLPs"), and other unaffiliated mutual funds and ETFs advised by JPMorgan ("JPMorgan Funds") and, for the limited purposes described below, market cap weighted index ETFs that are managed by investment advisers that are unaffiliated with JPMorgan ("Unaffiliated Passive ETFs", and together with JPMorgan Funds, the "Underlying Funds"). The Fund is generally unconstrained by any particular capitalization with regard to its equity investments.

The Fund's fixed income investments may include bank obligations, convertible securities, U.S. Government securities (including agencies and instrumentalities), mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities ("junk bonds"), loan assignments and participations, debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds, inflation-linked securities such as Treasury Inflation Protected Securities ("TIPS"), JPMorgan Funds, and, for the limited purposes described below, Unaffiliated Passive ETFs. The Fund is generally unconstrained with regard to the duration of its fixed income investments.

The Fund's alternative investments include securities that are not a part of the Fund's global equity or global fixed income investments. These investments may include individual securities (such as convertible securities, inflation-sensitive securities and preferred stock), JPMorgan Funds, ETFs, exchange traded notes ("ETNs"), exchange-traded commodities ("ETCs"), and, for the limited purposes described below, Unaffiliated Passive ETFs. The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, real estate (including real estate investment trusts ("REITS")), currencies, and commodities.

To the extent the Fund invests in the Underlying Funds, JPMorgan expects to select JPMorgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated

underlying funds that investors might regard as more attractive for the Fund or that have superior returns. JPMorgan also generally expects to select a JPMorgan ETF unless JPMorgan determines the investment is not available to or appropriate for the Fund. To the extent JPMorgan determines that an investment in a JPMorgan ETF is not available to or appropriate for the Fund, only then will JPMorgan consider investing in an Unaffiliated Passive ETF. JPMorgan expects that, to the extent the Fund invests in ETFs, JPMorgan will primarily invest in passive ETFs. A "passive ETF" is a registered investment company that seeks to track the performance of a particular market security or index. The index may be a broad-based market index or it may relate to particular sectors, markets, regions or industries.

The Fund may also hold cash and cash equivalents.

In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. For example, in implementing equity market neutral strategies and macro-based strategies, the Fund may use a total return swap to establish both long and short positions to gain the desired exposure rather than physically purchasing and selling short each instrument. The Fund may use futures contracts, options, forwards, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund's gain. The Fund may use futures contracts, forward contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange-traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. To the extent that the Fund does not utilize underlying funds to gain exposure to commodities, it may utilize commodity linked derivatives or commodity swaps to gain exposure to commodities.

The Fund may invest in securities denominated in any currency. The Fund may utilize forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar. The Fund may engage in short sales.

The Fund will likely engage in active and frequent trading.

Jackson National Asset Management, LLC ("JNAM") manages certain private investments held by the Fund. As of the date of this prospectus, it is contemplated that the duration of JNAM's involvement in managing these private investments will be for however long it takes the Fund to sell such private investments.

**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:

· *Allocation risk* – The Fund's ability to achieve its investment objective depends upon the investment manager's
analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select
an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment,
and economic conditions in the selection and percentages of allocations.

· *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile,
and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities
will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry
or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition,
they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived
adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally
adverse investor sentiment.

· *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.

· *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.

· *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.

· *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.

· *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.

· *Emerging markets and less developed countries risk* **–** Emerging market and less developed countries generally are
located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that
are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to,
foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied
economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely
to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations.
Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent
on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers
is also greater in emerging and less developed countries. As a result of these risks, investments in securities tied economically to emerging
markets tend to be more volatile than investments in securities of developed countries.

· *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.

· *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.

· *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.

· *High-yield bonds, lower-rated bonds, and unrated securities risk* – High-yield bonds, lower-rated bonds, and unrated securities
are broadly referred to as "junk bonds," and are considered below "investment-grade" by national ratings agencies.
Junk bonds are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. As a result,
an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and the Fund may not be able
to sell a high-yield bond at the price at which it is currently valued.

· *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.

· *Corporate loan, sovereign entity loan, and bank loan risk –* Commercial banks, sovereign entities, and other financial
institutions or institutional investors make corporate loans to companies or sovereign entities that need capital to grow, restructure,
or for infrastructure projects. These instruments are commonly referred to as "loans" or "bank loans." Borrowers
generally pay interest on corporate loans at "floating" rates that change in response to changes in market interest rates
such as the Secured Overnight Financing Rate ("SOFR") or the prime rates of U.S. banks. As a result, the value of such loan
investments is generally less exposed to the adverse effects of interest rate fluctuations than investments that pay a fixed rate of interest.
However, the market for certain loans may not be sufficiently liquid, and the Fund may have difficulty selling them. It may take longer
than seven days for transactions in loans to settle. As a result, sale proceeds related to the sale of loans may not be available to make
additional investments until a substantial period after the sale of the loans. Certain loans may be classified as "illiquid"
securities. Additionally, because a loan may not be considered a security, the Fund may not be afforded the same legal protections afforded
securities under federal securities laws. Thus, the Fund generally must rely on contractual provisions in the loan agreement and common-law
fraud protections under applicable state law.

· *Real estate investment risk* **–** Risks of investing in real estate securities include falling property values due
to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological
developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and
other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of
real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop
because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively
impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related
issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.

· *REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership
of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions;
difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental
regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds;
losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the
management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less
frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs
could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended,
or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows
REITs to reduce their corporate taxable income for dividends paid to their shareholders.

· *Master limited partnership risk* – An investment in MLP units involves some risks that differ from an investment in the
common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves
certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding
credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that
concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The
benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income
tax purposes. Certain MLPs may be illiquid securities.

· *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.

· *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.

· *Exchange-traded note risk –* The value of an exchange-traded note ("ETN") may be influenced by maturity, level
of supply and demand for the ETN, volatility and lack of liquidity in the underlying securities' markets, changes in the applicable
interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced
index. In addition, the notes issued by ETNs and held by the Fund are unsecured debt of the issuer.

· *Short sales risk* **–** A short sale may be effected by selling a security that the Fund does not own. The Fund must
borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it subsequently
at the market price at the time of replacement. If the price of the security sold short increases, the Fund would incur a loss;

conversely, if the price declines, the Fund will realize a gain. Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager's ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. Fund's long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund's overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms.

· *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.

· *Convertible securities risk* **–** Convertible securities have investment characteristics of both equity and debt securities.
Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks
associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While
equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility.
The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive
to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature,
convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive
than a fixed rate corporate bond.

· *Portfolio turnover risk* **–** Frequent changes in the securities held by the Fund, including investments made on a
shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may
increase transaction costs, which may reduce performance.

· *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.

· *Depositary receipts risk –* Depositary receipts, such as American depositary receipts ("ADRs"), global depositary
receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs.
They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity.
The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security
issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer
may not be directly involved in the creation of the program. Holders of un-sponsored depositary receipts generally bear all the costs
of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends
into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts
involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates,
which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation.
With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation,
political and social upheaval, and economic instability. Investments in depositary

receipts that are exchange traded or OTC may also subject the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

· *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.

· *Hedging instruments risk* **–** The Fund may attempt, from time to time, to hedge (protect) against currency risks,
largely using forward foreign currency exchange contracts, where available and when, in the Sub-Adviser's opinion, it would be advantageous
to the Fund. A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a
price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value
of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying position.
For example, during periods when the U.S. dollar weakens in relation to a foreign currency, the Fund's use of a currency hedging
program will result in lower returns than if no currency hedging programs were in effect. Forward foreign currency exchange contracts
and put options are considered derivative investments, because their value and performance depend, at least in part, on the value and
performance of an underlying asset. The Fund may also use futures, swaps, and other derivative instruments to hedge risk. The Fund's
investment in derivatives may involve a small investment relative to the amount of risk assumed. To the extent the Fund enters into these
transactions, its success will depend on the Sub-Adviser's ability to predict market movements, and their use may have the opposite
effect of that intended. Risks include potential loss due to the imposition of controls by a government on the exchange of foreign currencies,
the loss of any premium paid to enter into the transaction, delivery failure, default by any other party, or inability to close out a
position because the trading market becomes illiquid. In addition, for certain reasons, the Fund may not seek to establish a perfect correlation
between such hedging instruments and the portfolio instruments being hedged. Such imperfect correlation may prevent the Fund from achieving
the intended hedge or expose the Fund to risk of loss. It is not possible to hedge fully or perfectly against any risk.

· *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.

· *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.

· *Preferred stock risk* – Preferred stock represents an equity interest in a company that generally entitles the holder
to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting
from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions
for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer
or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest
rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security's
terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time,
(v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued
by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited,
or no, voting rights.

· *TIPS and inflation-linked bonds risk* – The value of inflation-protected securities generally fluctuates in response to
changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result,
if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the
value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest
rates might rise, leading to a decrease in the value of inflation-protected securities.

· *Warrants risk –* If the price of the underlying stock does not rise above the exercise price before the warrant expires,
the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. As a result, investments in warrants
may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock;
however, the price of the warrant does not necessarily move with the price of the underlying stock.

· *Privately placed securities risk* – The Fund's investments may also include privately-placed securities, which are
subject to resale restrictions. Investments in these securities usually will decrease a Fund's liquidity level to the extent the
Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in
purchasing the

securities. The illiquid nature of the market for privately placed securities, as well as the lack of publicly available information regarding these securities, may also adversely affect the Fund's ability to fair value such securities at certain times and could make it difficult for the Fund to sell them. The Fund could lose money on such investments.

<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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. If such arrangements had not been in place, performance for those periods would have been lower. Performance prior to June 24, 2019 reflects the Fund's results when managed by the former sub-adviser, AllianceBernstein L.P. 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.

Effective April 27, 2020, the Fund was combined with JNL/FPA + DoubleLine<sup>®</sup> Flexible Allocation Fund (the "Acquired Fund"), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund.

Effective December 31, 2024, for consistency with the Fund's principal investment strategies, the Fund replaced the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index with the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index as the Fund's secondary benchmark.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2015:-1.69, 2016:3.95, 2017:15.89, 2018:-8.74, 2019:17.78, 2020:11.7, 2021:8.89, 2022:-19.04, 2023:12.7, 2024:8.36)](image_001.jpg)

**Best Quarter (ended 12/31/2020):** 13.26%; **Worst Quarter (ended 3/31/2020):** -15.74%

**Annual Total Returns as of December 31**

**Class I**

**Best Quarter (ended 12/31/2020):** 13.32%; **Worst Quarter (ended 3/31/2020):** -15.66%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/JPMorgan Global Allocation Fund (Class A) | 8.36% | 3.76% | 4.35% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.21% |
| 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 9.02% | 5.08% | 5.59% |
| Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | -2.38% | -2.45% | -0.10% |
| 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 9.33% | 5.29% | 5.70% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | -1.69% | -1.96% | 0.15% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| JNL/JPMorgan Global Allocation Fund (Class I) | 8.73% | 4.07% | 4.47% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.70% |
| 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 9.02% | 5.08% | 5.56% |
| Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | -2.38% | -2.45% | -0.90% |
| 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 9.33% | 5.29% | 5.71% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | -1.69% | -1.96% | -0.56% |

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**Portfolio Management.**

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

**Sub-Adviser:** <br> J.P. Morgan Investment Management Inc. ("JPMorgan")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Jeffrey A. Geller, CFA | June 2019 | Managing Director, JPMorgan |
| Grace Koo | June 2019 | Executive Director, JPMorgan |
| Michael Feser | January 2021 | Managing Director, JPMorgan |
| Philip Camporeale | January 2021 | Managing Director, JPMorgan |
| Daniel Bloomgarden, CFA | November 2025 | Managing Director, JPMorgan |
| William Harding, CFA | April 2021 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | April 2021 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | April 2021 | Vice President and Portfolio Manager, JNAM |

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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.