# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000147
**Filing Date:** 2026-4
**Character Count:** 27839
**Document Hash:** 0b2cdca35617a044bb04157e98712fe0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000147.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000147

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 26896470

**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/American Funds Bond Fund of America Fund (Series ID: S000071126)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000225793 | JNL/American Funds Bond Fund of America Fund (I) |  |
| C000225794 | JNL/American Funds Bond Fund of America Fund (A) |  |

**Summary Prospectus – April 27, 2026**

**JNL/American Funds Bond Fund of America 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 Fund ("Fund" or "Feeder Fund") seeks to provide as high a level of current income as is consistent with the preservation of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - The Bond Fund of America<sup>®</sup> ("Master Fund").

**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<sup>1</sup>** |
| Management Fee | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>2</sup> | 0.13% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 1.18% |
| Less Waiver/Reimbursement<sup>4</sup> | 0.36% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement<sup>3</sup> | 0.82% |

---

<sup>1</sup> The fee table and the example reflect the expenses of both the Fund and the Master Fund.

<sup>2</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

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

<sup>4</sup> JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.

---

| | |
|:---|:---|
| **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<sup>1</sup>** |
| Management Fee | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.13% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.88% |
| Less Waiver/Reimbursement<sup>4</sup> | 0.36% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement<sup>3</sup> | 0.52% |

---

<sup>1</sup> The fee table and the example reflect the expenses of both the Fund and the Master Fund.

<sup>2</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

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

<sup>4</sup> JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.

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

---

| | | | |
|:---|:---|:---|:---|
| **JNL/American Funds Bond Fund of America Fund Class A** | **JNL/American Funds Bond Fund of America Fund Class A** | **JNL/American Funds Bond Fund of America Fund Class A** | **JNL/American Funds Bond Fund of America Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $84 | $339 | $614 | $1400 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/American Funds Bond Fund of America Fund Class I** | **JNL/American Funds Bond Fund of America Fund Class I** | **JNL/American Funds Bond Fund of America Fund Class I** | **JNL/American Funds Bond Fund of America Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $53 | $245 | $452 | $1051 |

---

<sup>(1)</sup> The example reflects the aggregate expenses of both the Fund and the Master Fund.

**Portfolio Turnover (% of average value of portfolio).** The Fund, which operates as a "feeder fund," does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or "turns over" its portfolio). The Master 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 and Master Fund's performance. The following table shows the Master Fund's portfolio turnover rate during the most recent fiscal year.

---

| | |
|:---|:---|
| **Period** | **Master Fund** |
| 1/1/2025 - 12/31/2025 | 159% |

---

**Principal Investment Strategies.** The Fund operates as a "feeder fund" and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund.

The Master Fund seeks to maximize the level of current income and preserve capital by investing primarily in bonds. Normally, the Master Fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Master Fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the Master Fund's investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the Master Fund's investment adviser, and in U.S. Government securities, money market instruments, cash or cash equivalents.

The Master Fund may also invest in debt securities and mortgage-backed securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. Government.

The Master Fund may invest in inflation-linked bonds issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation-linked bonds are structured to protect against inflation by linking the bond's principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.

The Master Fund may invest in futures contracts and swaps, which are types of derivatives. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index.

The Master Fund may invest up to 5% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Master Fund, or in debt securities that are unrated but determined to be of equivalent quality by the Master Fund's investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as "junk bonds."

The Master Fund uses a system of multiple portfolio managers in managing the Master Fund's assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual portfolio managers.

The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund's portfolio investments. The basic investment philosophy of the Master Fund's investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Fund's investment adviser believes that they no longer represent relatively attractive investment opportunities.

**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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

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

· *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.

· *Managed portfolio risk* – As an actively managed portfolio, the Master Fund's portfolio manager(s) make decisions to buy
and sell holdings in the Master Fund's portfolio. Because of this, the value of the Master 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 Master Fund's Adviser's investment techniques could fail to achieve
the Master Fund's investment objective or negatively affect the Master Fund's investment performance, or legislative, regulatory,
or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment
objective of the Fund will be achieved.

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

<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. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

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

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2022:-12.86, 2023:4.65, 2024:0.87, 2025:6.77)](image_001.jpg)

**Best Quarter (ended 12/31/2023):** 6.59%; **Worst Quarter (ended 3/31/2022):** -5.34%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2022:-12.54, 2023:4.85, 2024:1.18, 2025:7.13)](image_002.jpg)

**Best Quarter (ended 12/31/2023):** 6.66%; **Worst Quarter (ended 3/31/2022):** -5.23%

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Fund (April 26, 2021)** |
| JNL/American Funds Bond Fund of America Fund (Class A) | 6.77% | -0.15% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 0.14% |

---

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Class (April 26, 2021)** |
| JNL/American Funds Bond Fund of America Fund (Class I) | 7.13% | 0.15% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 0.14% |

---

**Portfolio Management.**

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

Currently, JNAM provides those services that are normally provided by a fund's investment adviser with the exception of portfolio management. See the Additional Information About Each Fund section for more information regarding management of the Fund.

**Investment Adviser to the Master Fund:**<br> Capital Research and Management Company ("CRMC")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Pramod Atluri | April 2021 | Partner, Capital Fixed Income Investors, CRMC |
| David A. Hoag | April 2021 | Partner, Capital Fixed Income Investors, CRMC |
| Fergus N. MacDonald | April 2021 | Partner, Capital Fixed Income Investors, CRMC |
| Chitrang Purani | April 2024 | Partner, Capital Fixed Income Investors, CRMC |
| John R. Queen | March 2025 | Partner, Capital Fixed Income Investors, CRMC |

---

**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.