# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000417
**Filing Date:** 2026-6
**Character Count:** 42657
**Document Hash:** 5d733d65623cb5229bcade6f783dd47b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000417.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0000933691-26-000417

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261071215

**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 MULTI-MANAGER EMERGING MARKETS EQUITY FUND (Series ID: S000010709)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000029600 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (A) |  |
| C000067997 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (I) |  |

**Summary Prospectus – April 27, 2026, as amended June 8, 2026**

**JNL Multi-Manager Emerging Markets Equity 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 long-term capital appreciation.

**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 | 0.76% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 1.22% |

---

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

---

| | |
|:---|:---|
| **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 | 0.76% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 0.92% |

---

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

**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 Multi-Manager Emerging Markets Equity Fund Class A** | **JNL Multi-Manager Emerging Markets Equity Fund Class A** | **JNL Multi-Manager Emerging Markets Equity Fund Class A** | **JNL Multi-Manager Emerging Markets Equity Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $124 | $387 | $670 | $1477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund Class I** | **JNL Multi-Manager Emerging Markets Equity Fund Class I** | **JNL Multi-Manager Emerging Markets Equity Fund Class I** | **JNL Multi-Manager Emerging Markets Equity Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $94 | $293 | $509 | $1131 |

---

**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 | 60% |

---

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the equity securities of emerging markets companies.

The Fund considers a company to be in an emerging country or market if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the emerging country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging country or market.

Emerging market countries include, but are not limited to all countries represented by the Morningstar<sup>®</sup> Emerging Markets Index<sup>℠</sup> (the "Index"). The Index includes, but is not limited to, the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, and United Arab Emirates. Other countries that are not represented by the Index may also be considered emerging if they are not defined as developed by Morningstar. Emerging markets may also be countries with low to middle income economies as classified by the World Bank.

The Fund generally invests in securities of companies located in different regions and in at least three different countries. The Fund may concentrate, or invest a significant portion of its assets, in the securities of companies in one or a few countries or regions.

The Fund may also invest in A Shares of companies based in the People's Republic of China ("China") that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

The Fund may invest in participatory notes ("P-Notes").

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Four unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*GQG Strategy*

GQG Partners LLC ("GQG") constructs the GQG Strategy by investing in equity securities of emerging market companies. The equity securities in which the GQG Strategy invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. Equity securities also include depositary receipts (including unsponsored depositary receipts and American,

European, and Global Depositary Receipts ("ADRs," "EDRs" and "GDRs," respectively)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and P-Notes, which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The GQG Strategy may invest in initial public offerings ("IPOs") and securities of companies with any market capitalization. Certain instruments in which the GQG Strategy invests may be illiquid or thinly traded securities. The GQG Strategy may invest in exchange traded funds ("ETFs"), including commodity ETFs that provide exposure to or invest in gold.

*Lazard Strategy* 

Lazard Asset Management LLC ("Lazard") constructs the Lazard Strategy by investing primarily in equity securities, principally common stocks, of emerging markets companies. Using a quantitative process, the Lazard Strategy selects investments from a broad investment universe of emerging market stocks and depositary receipts, including ADRs, EDRs, GDRs, real estate investment trusts ("REITs"), warrants and rights. The Lazard Strategy may invest across the market capitalization spectrum. The Lazard Strategy may invest in ETFs, generally those that pursue a passive index-based strategy.

*T. Rowe Price Strategy*

T. Rowe Price Associates, Inc. and T. Rowe Price Hong Kong Limited (collectively, "T. Rowe Price") constructs the T. Rowe Price Strategy by investing in stocks issued by companies in emerging markets. T. Rowe Price may invest in companies of any size but generally seeks stocks of mid or larger companies that T. Rowe Price believes are undervalued.

*WCM Strategy*

WCM Investment Management, LLC ("WCM") constructs the WCM Strategy by investing in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies located in emerging market countries. WCM's investments in equity securities may include common stocks, common stock that is offered in IPOs, and depositary receipts. The WCM Strategy's investments in depositary receipts may include ADRs, EDRs, GRDs, and Canadian Depositary Receipts ("CDRs"). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. CDRs, EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

**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:

· *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.

· *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.

· *Company risk* **–** Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values
of other types of securities in response to changes in a particular company's financial condition.

· *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.

· *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.

· *Accounting risk* – The Fund bases investment selections, in part, on information drawn from the financial statements of
issuers. Financial statements may not be accurate, may reflect differing approaches with respect to auditing and reporting standards and
may affect the ability of the Fund's investment manager to identify appropriate investment opportunities.

· *Banking industry investment risk* **–** Investment in securities issued by banks may be affected by factors influencing
the health and performance of the banking industry. These factors may include, among others, economic trends, industry competition and
governmental actions, as well as factors affecting the financial stability of borrowers. Bank securities typically are not insured by
the U.S. government, foreign governments, or their agencies. Bank securities that do not represent deposits have lower priority in the
bank's capital structure than those securities comprised of deposits. This lower priority means that, in the event of insolvency
of the bank that issued the security, the security could become worth less than the Fund paid for it.

· *Concentration risk* **–** The Fund may concentrate its investments in certain securities. 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.

· *Government regulatory risk* – Certain industries or sectors, including, but not limited to, real estate, financial services,
utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can
be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur
substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional
compliance expenses and costs. Such increased regulatory compliance costs could hurt a company's performance.

· *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.

· *Stock risk –* Stock markets may experience significant short-term volatility and may fall sharply at times. Different
stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign
stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors
can affect the price of a particular company's stock.

· *Investments in IPOs risk* **–** IPOs issued by unseasoned companies with little or no operating history are risky and
highly volatile.

· *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.

· *Commodity ETF risk* – In addition to the risks described under "exchange-traded funds investing risk," the
value of the Fund's investment in ETFs that invest in commodity-related securities may be affected by changes in overall market
movements or factors affecting a particular industry or commodity and may fluctuate significantly over short periods for a variety of
factors,

such as drought, floods, weather, livestock disease, embargoes, war, insufficient storage capacity, tariffs and international economic, political and regulatory developments. Investments linked to the prices of commodities are considered speculative and may be more volatile than investments in other types of securities or instruments. The commodity markets are subject to temporary distortions or other disruptions due to a variety of factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention.

· *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.

· *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.

· *Participation note risk* – An investment in a participation note involves additional risks beyond the risks normally associated
with a direct investment in the underlying security and a participation note's performance may differ from the underlying security's
performance. Holders of participation notes do not have the same rights as an owner of the underlying stock and are subject to the credit
risk of the issuer, and participation notes are privately issued and may be illiquid.

· *China risk –* The Chinese economy is generally considered an emerging market and can be significantly affected by economic
and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents
a large portion of China's total market and thus may be more sensitive to adverse political or economic circumstances and market
movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others.
Under China's political and economic system, the central government has historically exercised substantial control over virtually
every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization,
repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect
and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to
more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and
other factors could have a negative impact on the Fund's performance and increase the volatility of an investment in the Fund.

· *Russia investment risk **–*** During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there
are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose
of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency
from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing
such sanctioned securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities
issued by companies located in Russia. Because of the underdeveloped state of Russia's banking system and securities markets, settlement,
clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement
Depository ("NSD") in Russia as a recognized central securities depository, title to Russian equity securities is now based
on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of
loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers
and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia.
Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent
market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that
the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund
to enforce its rights or otherwise remedy the loss.

· *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.

· *Investing in China A Shares risk* **–** Investments in Class A Shares of Chinese companies involve certain risks and
special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy,
political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to
support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the

Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus.

· *Investing through Stock Connect risk* **–** The Fund may invest directly in China A shares through Stock Connect, and
will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading
days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

· *Model risk –* At least one of the Sub-Advisers 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.

· *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.

<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. 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 April 27, 2020 reflects the Fund's results when managed by the former sub-adviser, Lazard Asset Management LLC, utilizing a different investment strategy. 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/Invesco China-India Fund and JNL/Oppenheimer Emerging Markets Innovator Fund (together, the "Acquired Funds"), each a series of JNL Series Trust, 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 Funds.

Effective April 27, 2026, the Fund was combined with JNL/WCM China Quality Growth Fund ("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.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2016:19.28, 2017:28.6, 2018:-18.35, 2019:17.85, 2020:8.9, 2021:0.08, 2022:-24.13, 2023:10.11, 2024:4.58, 2025:24.27)](image_001.jpg)

**Best Quarter (ended 12/31/2020):** 21.37%; **Worst Quarter (ended 3/31/2020):** -30.35%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:19.5, 2017:28.94, 2018:-18.13, 2019:18.17, 2020:9.21, 2021:0.4, 2022:-23.93, 2023:10.47, 2024:4.9, 2025:24.59)](image_002.jpg)

**Best Quarter (ended 12/31/2020):** 21.44%; **Worst Quarter (ended 3/31/2020):** -30.29%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Multi-Manager Emerging Markets Equity Fund (Class A) | 24.27% | 1.67% | 5.73% |
| Morningstar Emerging Markets Index (Net) (reflects no deduction for fees, expenses, or taxes) | 29.76% | 4.76% | 8.66% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Multi-Manager Emerging Markets Equity Fund (Class I) | 24.59% | 1.97% | 6.02% |
| Morningstar Emerging Markets Index (Net) (reflects no deduction for fees, expenses, or taxes) | 29.76% | 4.76% | 8.66% |

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**Portfolio Management.**

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

**Sub-Advisers:** <br> GQG Partners LLC ("GQG")<br> Lazard Asset Management, LLC ("Lazard")<br> T. Rowe Price Associates, Inc. ("T. Rowe Price")<br> WCM Investment Management, LLC ("WCM")

**Sub-Sub-Adviser:**<br> T. Rowe Price Hong Kong Limited

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| William Harding, CFA | April 2020 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | April 2020 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | April 2020 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | April 2026 | Director and Portfolio Manager, JNAM |
| Rajiv Jain | April 2024 | Chairman and Chief Investment Officer, GQG |
| Brian Kersmanc | April 2024 | Portfolio Manager, GQG |
| Sudarshan Murthy, CFA | April 2024 | Portfolio Manager, GQG |
| Siddharth Jain | April 2024 | Deputy Portfolio Manager, GQG |
| Paul Moghtader, CFA | June 2026 | Portfolio Manager and Analyst, Lazard |
| Taras Ivanenko, CFA | June 2026 | Portfolio Manager and Analyst, Lazard |
| Peter Kashanek | June 2026 | Portfolio Manager and Analyst, Lazard |
| Alex Lai, CFA | June 2026 | Portfolio Manager and Analyst, Lazard |
| Kurt Livermore, CFA | June 2026 | Portfolio Manager and Analyst, Lazard |
| Ernest Yeung, CFA, IMC | April 2020 | Portfolio Manager and Vice President, T. Rowe Price |
| Sanjay Ayer, CFA | April 2020 | Portfolio Manager, WCM |
| Gregory S. Ise, CFA | April 2020 | Portfolio Manager and Business Analyst, WCM |
| Mike Tian, CFA | April 2020 | Portfolio Manager and Business Analyst, WCM |
| Michael B. Trigg | April 2020 | Portfolio Manager and co-CEO, WCM |

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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's shareholders are separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. Accordingly, the Fund's dividends and other distributions generally are not taxable to you, the contract owner or plan participant, but no further discussion is included about the U.S. federal income tax consequences to you. 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.