# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-001269
**Filing Date:** 2025-12
**Character Count:** 44702
**Document Hash:** f7bed683aa6d2a7ea063877038b3b264
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-001269.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0000933691-25-001269

**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:** 251566823

**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/PIMCO Investment Grade Credit Bond Fund (Series ID: S000068114)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218186 | JNL/PIMCO Investment Grade Credit Bond Fund (I) |  |
| C000218187 | JNL/PIMCO Investment Grade Credit Bond Fund (A) |  |

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

**JNL/PIMCO Investment Grade Credit Bond 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 seek maximum total return, consistent with preservation of capital and prudent investment management.

**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 | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1,2</sup> | 0.51% |
| Total Annual Fund Operating Expenses | 1.16% |

---

<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> "Other Expenses" are based on amounts incurred during the period ended December 31, 2024. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.41%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.

---

| | |
|:---|:---|
| **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 | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1,2</sup> | 0.51% |
| Total Annual Fund Operating Expenses | 0.86% |

---

<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> "Other Expenses" are based on amounts incurred during the period ended December 31, 2024. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.41%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.

**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/PIMCO Investment Grade Credit Bond Fund Class A** | **JNL/PIMCO Investment Grade Credit Bond Fund Class A** | **JNL/PIMCO Investment Grade Credit Bond Fund Class A** | **JNL/PIMCO Investment Grade Credit Bond Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $118 | $368 | $638 | $1409 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund Class I** | **JNL/PIMCO Investment Grade Credit Bond Fund Class I** | **JNL/PIMCO Investment Grade Credit Bond Fund Class I** | **JNL/PIMCO Investment Grade Credit Bond Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $88 | $274 | $477 | $1061 |

---

**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 | 45% |

---

**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 made for investment purposes) in a diversified portfolio of investment grade fixed income securities of varying maturities, which may be represented by forwards, repurchase agreements, reverse repurchase agreements or loan participations and assignments or derivatives such as options, futures contracts or swap agreements. Assets not invested in investment grade corporate fixed income securities may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in contingent convertible securities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Bloomberg U.S. Credit Index, as calculated by Pacific Investment Management Company LLC, the Fund's sub-adviser (the "Sub-Adviser"). Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates.

The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in high yield securities ("junk bonds"), as rated Moody's Investors Service, Inc. ("Moody's"), Standard and Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by the Sub-Adviser to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 30% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage-or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's Prospectus or Statement of Additional Information ("SAI"). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities.

**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:

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

· *Contingent convertible securities risk –* Contingent convertible securities ("CoCos") are a form of hybrid
fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic
health for the issuer, yet absorb losses when a pre-determined "trigger event" affecting the issuer occurs. CoCos are either
convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances,
the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent
convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the
issuing banking institution's continued viability as a going-concern. CoCos' unique equity conversion or principal write-down
features are tailored to the issuing banking institution and its regulatory requirements. If the CoCos are converted into the issuer's
underlying equity securities following a conversion event (*i.e.*, a "trigger"), each holder will be subordinated due
to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

· *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.

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

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

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

· *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.

· *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.

· *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.

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

rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

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

· *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.

· *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.

· *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.

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

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

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

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

· *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and
sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial
condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial
markets may fluctuate or overall prices may decline, the Fund's Sub-Adviser's investment techniques could fail to achieve the

Fund's investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

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

· *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.

· *Options risk –* If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount
of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium
paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount
of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium
received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be
highly volatile and the use of options can lower total returns.

· *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.

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

· *Repurchase agreements, purchase and sale contracts risk –* If the other party to a repurchase agreement or purchase and
sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its
rights under the agreement. If the seller fails to repurchase the security under a repurchase agreement or purchase and sale contract,
and the market value of the security declines, the Fund may lose money.

· *Reverse repurchase agreements risk* – Reverse repurchase agreements involve the sale of securities held by the Fund with
an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the
risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if the value of collateral
held by the Fund, including the value of the investments made with the cash received from the sale of securities, is less than the value
of the securities sold by the Fund. These events could also trigger adverse tax consequences to the Fund.

· *Settlement risk* **–** Settlement risk is the risk that a settlement in a transfer system does not take place as expected.
Loan transactions often settle on a delayed basis compared with securities and the Fund may not receive proceeds from the sale of a loan
for a substantial period after the sale, potentially impacting the ability of the Fund to make additional investments or meet redemption
obligations. It may take longer than seven days for transactions in loans to settle. In order to meet short-term liquidity needs, the
Fund may draw on its cash or other short-term positions, maintain short-term or other liquid assets sufficient to meet reasonably anticipated
redemptions, or maintain a credit facility.

· *Short sales risk* **–** A short sale may be effected by selling a security that the Fund does not own. 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. The
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. The 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.

· *Sovereign debt risk –* Investments issued by a governmental entity are subject to the risk that the governmental entity
may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient
foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to
the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.
If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure
its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings
through which all or part of the sovereign debt may be collected.

· *Structured investments risk –* A structured investment is a derivative security designed to offer a return linked to a
particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such
as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure
to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market
is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same
price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve
risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the
underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer
or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have
a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in
time, may be unable to find qualified buyers for these securities.

· *Swaps risk –* Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund
has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations
to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional
investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange
the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may
be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default
swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating
to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States.
For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of
specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such
as a derivatives clearing organization ("DCO"). Central clearing is intended to reduce the risk of default by the counterparty.
However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central
counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing
regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system.

· *When-issued and delayed delivery securities and forward commitments risk –* When-issued, delayed delivery securities and
forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future
in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued
and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its
delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation.
If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the
security's price.

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

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

The performance data includes the performance of the JNL/PIMCO Investment Grade Credit Bond Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund's registration statement became effective.

Effective April 29, 2024, the Bloomberg U.S. Aggregate Index replaced the Bloomberg U.S. Credit Index as the Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The Bloomberg U.S. Credit Index is included as an additional index for the Fund because the Adviser believes it more closely reflects the market segments in which the Fund invests.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2015:-0.95, 2016:6.34, 2017:6.97, 2018:-2.56, 2019:14.47, 2020:10.52, 2021:-1.62, 2022:-16.58, 2023:7.73, 2024:2.75)](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 8.39%; **Worst Quarter (ended 6/30/2022):** -8.24%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2018:-2.26, 2019:14.75, 2020:10.91, 2021:-1.4, 2022:-16.23, 2023:8, 2024:3.05)](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 8.54%; **Worst Quarter (ended 6/30/2022):** -8.17%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/PIMCO Investment Grade Credit Bond Fund (Class A) | 2.75% | 0.08% | 2.35% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 1.25% | -0.33% | 1.35% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 2.03% | 0.23% | 2.29% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| JNL/PIMCO Investment Grade Credit Bond Fund (Class I) | 3.05% | 0.39% | 1.95% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 1.25% | -0.33% | 0.97% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 2.03% | 0.23% | 1.81% |

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**Portfolio Management.**

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

**Sub-Adviser:** <br> Pacific Investment Management Company LLC ("PIMCO")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Amit Arora, CFA, FRM | October 2016 | Executive Vice President and Portfolio Manager, PIMCO |
| Mohit Mittal | October 2016 | Managing Director and Portfolio Manager, PIMCO |
| Jelle Brons, CFA, FRM | November 2025 | Executive Vice President and Portfolio Manager, PIMCO |
| Saurabh Sud, CFA | November 2025 | Executive Vice President and Portfolio Manager, PIMCO |

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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.