# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000195
**Filing Date:** 2026-4
**Character Count:** 54643
**Document Hash:** 36ef1547feeb1449ff8226eeb4012035
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000195.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000195

**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:** 26896574

**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/BLACKROCK GLOBAL ALLOCATION FUND (Series ID: S000029611)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000090917 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (A) |  |
| C000090918 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (I) |  |

**Summary Prospectus – April 27, 2026**

**JNL/BlackRock Global Allocation Fund**

**Class A**

**Class I**

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

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class A** |
| Management Fee | 0.58% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.03% |
| Total Annual Fund Operating Expenses | 1.06% |

---

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

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

---

| | |
|:---|:---|
| **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 | 0.58% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.03% |
| Total Annual Fund Operating Expenses | 0.76% |

---

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

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

**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/BlackRock Global Allocation Fund Class A** | **JNL/BlackRock Global Allocation Fund Class A** | **JNL/BlackRock Global Allocation Fund Class A** | **JNL/BlackRock Global Allocation Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $108 | $337 | $585 | $1294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund Class I** | **JNL/BlackRock Global Allocation Fund Class I** | **JNL/BlackRock Global Allocation Fund Class I** | **JNL/BlackRock Global Allocation Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $78 | $243 | $422 | $942 |

---

**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 | 135% |

---

**Principal Investment Strategies.** The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund will invest in both equity and debt securities. For purposes of this Fund, equity securities include common stock, rights and warrants, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock. For purposes of this Fund, debt securities include, but are not limited to, U.S. and foreign government bonds, corporate bonds, convertible bonds, structured notes, credit-linked notes, mortgage- and asset-backed securities, loan assignments and loan participations, and securities issued by certain international organizations such as the World Bank. The Fund uses derivatives as a means of managing exposure to foreign currencies and other adverse market movements, as well as to increase returns.

At any given time, the Fund may emphasize either debt securities or equity securities; however, over time the Fund's portfolio of assets will tend to be relatively balanced between equity and debt securities and widely diversified among many individual investments. In selecting equity investments, the Fund mainly seeks securities that BlackRock Investment Management, LLC ("Sub-Adviser") believes are undervalued. The Fund may buy debt securities with varying maturities. The Fund may invest up to 35% of its total assets in high yield or junk bonds, corporate loans and distressed securities. Junk bonds are fixed-income securities rated below investment-grade by independent rating agencies or are bonds that are unrated but that the Sub-Adviser believes are of comparable quality. The Fund may invest in corporate loans.

When choosing investments, the Sub-Adviser considers various factors, including opportunities for equity or debt investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. The Fund may invest in the securities of companies of any market capitalization. Market capitalization is the number of shares of a company's stock, multiplied by the price per share of that stock. Market capitalization is a measure of a company's size.

Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world in both developed and emerging markets. The Fund may emphasize foreign securities when the Sub-Adviser expects these investments to outperform U.S. securities. When choosing investment markets, the Sub-Adviser considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates. In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund's investment strategy. The Fund will also invest in non-U.S. currencies, however, the Fund may underweight or overweight a currency based on the Sub-Adviser's outlook.

The Fund's composite "Reference Benchmark" has at all times since the Fund's formation included a 40% weighting in non-U.S. securities. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the Standard & Poor's ("S&P") 500 Index; 24% FTSE World (ex-U.S.) Index; 24% ICE BofA Current 5-Year US Treasury Index; and 16% FTSE Non-US Dollar World Government Bond Index.

Throughout its history, the Fund has maintained a weighting in non-U.S. securities, often exceeding the 40% Reference Benchmark weighting and rarely falling below this allocation. Under normal circumstances, the Fund anticipates it will continue to allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Sub-Adviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers; (ii) issuers organized or located outside the U.S.; (iii) issuers which primarily trade in a market located outside the U.S.; or (iv) issuers doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, when purchases or redemptions require, or during transitions, the Fund may deviate very substantially from the allocation described above.

The Fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase in the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

The Fund may invest in Real Estate Investment Trusts ("REITs"). The Fund may also seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments, such as structured notes, and other investment vehicles that exclusively invest in commodities, such as exchange-traded funds ("ETFs"). The Fund may invest up to 25% of its total assets in commodity-related instruments (which may include, among others, commodity options, futures, swaps on commodity futures, ETFs that invest in commodities, and commodity-linked structured notes) (collectively, "Commodities'").

Total investment return is the combination of capital appreciation and investment income.

**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:

· *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.

· *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.

· *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived
from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and
certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage
risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or
improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest
rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

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

· *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.

· *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.

· *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.

· *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.

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

· *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.

· *Clearance and settlement risk* – Foreign securities markets have different clearance and settlement procedures, and in
certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making
it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized,
creating a risk that settlements may be delayed or lost because of failures or defects in such systems.

· *Commodities regulatory risk* – Commodity-related operating companies typically are subject to significant foreign, federal,
state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained
and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. The U.S. Commodity
Futures Trading Commission ("CFTC") and the exchanges on which futures contracts and related options are traded are authorized
to take extraordinary actions in the event of a market emergency, including, for example, establishing daily limits and suspending trading.
In addition, compliance with certain CFTC requirements may increase the Fund's expenses. Future regulatory developments may impact
the Fund's ability to invest in commodity-linked derivatives.

· *Commodity risk* **–** Commodity prices can be extremely volatile and may be directly or indirectly affected by many
factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in
interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry
or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products,
transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international
regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels).

· *Commodity-linked derivatives risk –* The value of a commodity-linked derivative investment is typically based upon the
price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The
value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying
benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such
as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political
and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity
or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.
A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked
derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore,
at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that
are more or less than the stated coupon interest payments.

· *Commodity-linked notes risk –* Commodity-linked notes involve substantial risks, including the risk of loss of a significant
portion of their principal value. In addition to commodity risk and derivatives risk, they may be subject to additional risks, such as
risk of loss of interest and principal, lack of secondary market and risk of greater volatility, that do not affect traditional equity
and debt securities.

· *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.

· *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.

· *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.

· *Custody risk –* The Fund may invest in securities markets that are less developed than those in the U.S., which may expose
the Fund to risks in the process of clearing and settling trades and the holding of securities by local banks, agents and depositories.
Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may
be limited or no regulatory oversight of their operations. Also, the laws of certain countries may limit a Fund's ability to recover
its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. Custody risk is heightened in
countries with less developed securities markets.

· *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.

· *Distressed debt risk* – The Fund may invest in securities of issuers that are, or are about to be, involved in reorganizations,
financial restructurings, or bankruptcy (also known as "distressed debt"). Such distressed debt securities involve substantial
risk in addition to the risks of investing in lower-grade debt securities. To the extent that the Fund invests in distressed debt, the
Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying
to protect its interests in distressed debt.

· *European investment risk* – Investing in Europe involves many of the same risks as investing in foreign securities. In
addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with
investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and
to be more volatile than the performance of more geographically diversified funds.

· *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.

· *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.

· *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.

· *Forward foreign currency exchange contracts risk –* Forward foreign currency exchange contracts do not eliminate fluctuations
in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy
can have the effect of reducing returns and minimizing opportunities for gain.

· *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.

· *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock
market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not
met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles,
different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

· *Mid-capitalization investing risk* **–** The stocks of mid-capitalization companies can be more volatile and their
shares can be less liquid than those of larger companies. Mid-capitalization companies may have limited product lines, markets or financial
resources or may depend on the expertise of a few people and may be subject to more abrupt or erratic market movements than securities
of larger, more established companies or the market averages in general. Securities of such issuers may lack sufficient market liquidity
to effect sales at an advantageous time or without a substantial drop in price.

· *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.

· *Pacific Rim investing risk –* The Pacific Rim economies are in various stages of economic development. Many of the Pacific
Rim economies may be intertwined, so they may experience recessions at the same time. Furthermore, many of the Pacific Rim economies are
characterized by high inflation, undeveloped financial services sectors, heavy reliance on international trade, frequent currency fluctuations,
devaluations, or restrictions, political and social instability, and less efficient markets. If the Fund concentrates investments in Pacific
Rim markets, the Fund's performance is expected to be closely tied to social, political, and economic conditions within the Pacific
Rim region and to be more volatile than the performance of more geographically diversified funds.

· *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.

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

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

· *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.

· *Small-capitalization investing risk* **–** Investing in smaller companies, some of which may be newer companies or
start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller
market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate
more, than the securities of companies with larger market capitalizations.

· *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.

· *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.

· *Structured note risk* – A Fund may invest in notes, sometimes called "structured notes," linked to the performance
of securities or commodities. Commodity-linked structured notes provide exposure, which may include long and/or short exposure, to the
investment returns of "real assets" (i.e., assets that have tangible properties such as oil, gold and silver) that trade in
the commodities markets without investing directly in physical commodities. The performance of these notes is determined by the price
movement of the commodities underlying the note. These notes are subject to the credit risk of the issuing party and may be less liquid
than other types of securities. This means that a Fund may lose money if the issuer of the note defaults and that a Fund may not be able
to readily close out its investment in such notes without incurring losses.

· *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.

· *Tax risk* – In order for a regulated investment company ("RIC") to qualify as such under Subchapter M of the
Internal Revenue Code of 1986, as amended (the "Internal Revenue Code" or the "Code"), including certain of the
series of registered investment companies that invest in the Fund, the RIC must derive at least 90% of its gross income each taxable year
from "qualifying income," which is described in more detail in the SAI. Income and gains from certain commodity-linked instruments
do not constitute "qualifying income" to a RIC for purposes of the 90% gross income test. The tax treatment of some other
commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such
instruments constitute qualifying income to a RIC. In general, for purposes of the 90% gross income requirement, income derived from a
partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership
which would be qualifying income if realized directly by the RIC. The Fund will therefore annually restrict its income from commodities
and commodity-linked derivative instruments, such as commodity-linked swaps, and other assets that give rise to non-qualifying income
to a maximum of 10% of the Fund's gross income.

· *Volatility risk –* The Fund may have investments that appreciate or depreciate significantly in value over short periods
of time. This may cause the Fund's net asset value per share to experience significant appreciations or depreciations in value over
short periods of time.

<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.

Effective April 27, 2026, the Fund was combined with JNL/JPMorgan Global Allocation Fund ("Acquired Fund"), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2016:3.97, 2017:13.83, 2018:-7.62, 2019:17.71, 2020:18.94, 2021:7.3, 2022:-15.48, 2023:13.95, 2024:9.38, 2025:18.76)](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 14.48%; **Worst Quarter (ended 3/31/2020):** -12.65%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:4.14, 2017:14.13, 2018:-7.33, 2019:18.08, 2020:19.23, 2021:7.63, 2022:-15.27, 2023:14.35, 2024:9.76, 2025:19.08)](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 14.56%; **Worst Quarter (ended 3/31/2020):** -12.65%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/BlackRock Global Allocation Fund (Class A) | 18.76% | 6.07% | 7.47% |
| Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 12.11% |
| 36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 17.78% | 6.68% | 8.09% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes) | 35.82% | 10.14% | 9.60% |
| ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes) | 6.85% | -0.33% | 1.39% |
| FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 8.47% | -5.21% | -0.16% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/BlackRock Global Allocation Fund (Class I) | 19.08% | 6.39% | 7.77% |
| Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 12.11% |
| 36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 17.78% | 6.68% | 8.09% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes) | 35.82% | 10.14% | 9.60% |
| ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes) | 6.85% | -0.33% | 1.39% |
| FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 8.47% | -5.21% | -0.16% |

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**Portfolio Management.**

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

**Sub-Adviser:** <br> BlackRock Investment Management, LLC ("BlackRock")

**Sub-Sub-Advisers:**<br> BlackRock (Singapore) Limited ("BSL")<br> BlackRock International Limited ("BIL")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Rick Rieder | April 2019 | Managing Director, BlackRock, Inc. |
| Russ Koesterich, CFA, JD | January 2017 | Managing Director, BlackRock, Inc. |

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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.