# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000428
**Filing Date:** 2026-6
**Character Count:** 38556
**Document Hash:** 737f40a1300812528629971810791161
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000428.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0000933691-26-000428

**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:** 261071292

**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/FRANKLIN TEMPLETON INCOME FUND (Series ID: S000010705)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000029596 | JNL/FRANKLIN TEMPLETON INCOME FUND (A) |  |
| C000067995 | JNL/FRANKLIN TEMPLETON INCOME FUND (I) |  |

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

**JNL/Franklin Templeton Income Fund**

**Class A**

**Class I**

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

**Investment Objective.** The investment objective of the Fund is to maximize income while maintaining prospects for 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

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| | |
|:---|:---|
| **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 | 0.51% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.11% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.92% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Expense information has been restated to reflect current fees.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class I** |
| Management Fee | 0.51% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.11% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.62% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Expense information has been restated to reflect current fees.

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

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund Class A** | **JNL/Franklin Templeton Income Fund Class A** | **JNL/Franklin Templeton Income Fund Class A** | **JNL/Franklin Templeton Income Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $94 | $293 | $509 | $1131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund Class I** | **JNL/Franklin Templeton Income Fund Class I** | **JNL/Franklin Templeton Income Fund Class I** | **JNL/Franklin Templeton Income Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $63 | $199 | $346 | $774 |

---

**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 | 37% |

---

**Principal Investment Strategies.** Under normal market conditions, the Fund invests in a diversified portfolio of debt and equity securities. The Fund has significant ability to invest in a broad range of investments and may shift its investments from one asset class to another based on the Sub-Adviser's analysis of the best opportunities for the Fund's portfolio in a given market. The equity securities in which the Fund invests consist of common stock, including those with dividend yields the Sub-Adviser believes are attractive, convertible securities and equity-linked notes (ELNs). Debt securities include all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, mortgage-backed securities and other asset-backed securities, debentures, and shorter term instruments. Bond investments may include U.S. and foreign corporate debt, U.S. Treasuries and foreign government bonds. Under normal market conditions, the Fund currently expects to invest between 20% to 30% of its total assets in debt securities that are rated below investment grade (also known as "high-yield" or "junk" bonds), but may invest up to 35% of its assets in such securities, including a portion in defaulted securities, although the Fund will not invest more than 5% of its assets in securities that are defaulted at the time of purchase. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors, particularly healthcare, financials and industrials. The Fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. The Fund may lend its securities to increase its income.

The Fund regularly uses a variety of equity-related derivatives and complex equity securities, which may include purchasing or selling call and put options on equity securities and equity security indices, futures on equity securities and equity indices and options on equity index futures and equity-linked notes, for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in certain equity markets. In addition, the Fund may, from time to time, use interest rate-related derivatives, including interest rate swaps and interest rate and/or bond futures contracts (including U.S. Treasury futures contracts) for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in interest rates. The Fund also may use currency-related derivatives, such as forward foreign currency exchange contracts, currency futures contracts, currency swaps and currency options to hedge (protect) against currency risks, and credit-related derivatives, such as credit default swaps and options on credit default swaps, to hedge (protect) against credit risks. The use of such derivative transactions may allow the Fund to obtain net long or net short exposures to selected markets, interest rates, countries or durations.

The Fund's Sub-Adviser searches for undervalued or out-of-favor securities it believes offer opportunities for income today and significant growth tomorrow. It generally performs independent analysis of the debt securities being considered for the Fund's portfolio, rather than relying principally on the ratings assigned by rating organizations. In analyzing both debt and equity securities, the Sub-Adviser considers a variety of factors.

The Fund may invest up to 25% of its net assets in equity-linked notes. Equity-linked notes are hybrid derivative-type instruments that are specially designed to combine the characteristics of one or more reference securities (usually a single stock, a stock index or a basket of stocks (underlying securities)) and a related equity derivative, such as a put or call option, in a single note form. The Fund may also buy and sell exchange-traded funds ("ETFs") and options on ETFs.

When choosing equity investments for the Fund, the Sub-Adviser applies a "bottom-up," value oriented, long-term approach, focusing on the market price of a company's securities relative to the Sub-Adviser's evaluation of the company's long-term earnings, asset value and cash flow potential. The Sub-Adviser also considers a company's price/earnings ratio, profit margins and liquidity value, among other metrics.

**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:

· *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.

· *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.

· *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.

· *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.

· *Income risk* – The Fund is subject to the risk that the income generated from the Fund's investments may decline
in the event of falling interest rates. Income risk may be high if the Fund's income is predominantly based on short-term interest
rates, which can fluctuate significantly over short periods. The Fund's distributions to shareholders may decline when interest
rates fall.

· *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.

· *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.

· *Financial services risk* – An investment in issuers in the financial services sector may be adversely affected by, among
other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii)
exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments
or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or
other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of
most or all companies in the financial services sector.

· *Health care sector risk* **–** An investment in issuers in the health care sector may be adversely affected by government
regulations and government health care programs and increases or decreases in the cost of medical products and services. Health care companies
are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies
are also subject to extensive litigation based on product liability and similar claims. Regulatory approvals are generally required before
new drugs and medical devices or procedures may be introduced and before the acquisition of additional facilities by health care providers,
all of which may be time consuming and costly with no guarantee that any product will come to market. Health care companies are also subject
to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Health care companies
may also be thinly capitalized and susceptible to product obsolescence.

· *Industrial companies risk* – The stock prices of companies in the industrials sector are affected by supply and demand
both for their specific products or services and for industrials sector products in general. Companies in the industrial sector may be
adversely affected by changes in government regulation, world events and economic conditions. In addition, these companies are at risk
for environmental damage and product liability claims. Companies in this sector could be adversely affected by commodity price volatility,
changes in exchange rates, imposition of export or import controls, increased competition, depletion of resources, technological developments
and labor relations.

· *Equity-linked notes (ELNs) risk* – Investing in investment funds may be more costly to the Fund than if the Fund had invested
in the underlying securities directly. ELNs may not perform as expected and could cause the Fund to realize significant losses including
its entire principal investment. Other risks include counterparty risk, liquidity risk and imperfect correlation between ELNs and the
underlying securities.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

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

· *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.

· *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.

· *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.

· *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock
market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are
expected to increase the price of the security do not occur. Over market cycles, different investment styles may sometimes outperform
other investment styles (for example, growth investing may outperform value investing).

· *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.

· *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.

· *Debt securities ratings risk –* The use of credit ratings in evaluating debt securities can involve certain risks, including
the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by
a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.

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

· *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.

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

<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. 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 December 31, 2025, for consistency with the Fund's principal investment strategies, the Fund replaced the 50% S&P 500 Value Index, 50% ICE BofA U.S. High Yield Index with the 50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index as the Fund's secondary benchmark.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2016:14.12, 2017:9.93, 2018:-4.22, 2019:15.98, 2020:0.87, 2021:14.75, 2022:-4.42, 2023:8.19, 2024:6.38, 2025:12)](image_001.jpg)

**Best Quarter (ended 12/31/2020):** 9.77%; **Worst Quarter (ended 3/31/2020):** -15.98%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:14.23, 2017:10.2, 2018:-3.95, 2019:16.35, 2020:1.15, 2021:15.19, 2022:-4.23, 2023:8.54, 2024:6.78, 2025:12.26)](image_002.jpg)

**Best Quarter (ended 12/31/2020):** 9.81%; **Worst Quarter (ended 3/31/2020):** -15.94%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/Franklin Templeton Income Fund (Class A) | 12.00% | 7.17% | 7.11% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Bond Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) | 11.70% | 7.27% | 8.58% |
| Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes) | 15.49% | 12.45% | 12.71% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes) | 8.50% | 4.50% | 6.45% |
| 50% S&P 500 Value Index 50% ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes) | 10.87% | 8.79% | 9.21% |
| S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes) | 13.19% | 12.96% | 11.73% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/Franklin Templeton Income Fund (Class I) | 12.26% | 7.50% | 7.40% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Bond Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) | 11.70% | 7.27% | 8.58% |
| Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes) | 15.49% | 12.45% | 12.71% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes) | 8.50% | 4.50% | 6.45% |
| 50% S&P 500 Value Index 50% ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes) | 10.87% | 8.79% | 9.21% |
| S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes) | 13.19% | 12.96% | 11.73% |

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**Portfolio Management.**

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

**Sub-Adviser:** <br> Franklin Advisers, Inc. ("Franklin Advisers")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Edward D. Perks, CFA | 2006 | President, Franklin Advisers<br> CIO, Franklin Income Investors |
| Brendan Circle, CFA | 2018 | Senior Vice President and Portfolio Manager, Franklin Advisers |
| Todd Brighton, CFA | February 2020 | Senior Vice President and Portfolio Manager, Franklin Advisers |

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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.