# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000169
**Filing Date:** 2026-4
**Character Count:** 23158
**Document Hash:** 797c1e9b1825556dffc09fe6e1e01dca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000169.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000169

**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:** 26896515

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517) 367-4336

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL Multi-Manager Global Small Cap Fund (Series ID: S000028040)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000085349 | JNL Multi-Manager Global Small Cap Fund (A) |  |
| C000085350 | JNL Multi-Manager Global Small Cap Fund (I) |  |

**Summary Prospectus – April 27, 2026**

**JNL Multi-Manager Global Small Cap Fund**

*(formerly, JNL/American Funds Global Small Capitalization 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 capital growth.

**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 | 0.00% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.05% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.81% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 1.16% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.05% 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.

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class I** |
| Management Fee | 0.00% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.05% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.81% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.86% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.05% 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.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** | **JNL Multi-Manager Global Small Cap Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $118 | $368 | $638 | $1409 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap Fund Class I** | **JNL Multi-Manager Global Small Cap 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** | |
| 1/1/2025 - 12/31/2025 | 51% |

---

Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund's master fund when operating under its former investment strategy as a feeder fund in a master-feeder fund arrangement.

**Principal Investment Strategies.** Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of small-capitalization companies. The Fund seeks to achieve its investment objective by investing in underlying funds that, in turn, invest primarily in equity securities of small-capitalization companies ("Underlying Funds").

The Fund invests in Class I shares of the following Underlying Funds:

&nbsp;&nbsp;&nbsp;&nbsp;· 40%-60% in the JNL Multi-Manager International Small Cap Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· 15%-35% in the JNL Multi-Manager Small Cap Growth Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· 15%-35% in the JNL Multi-Manager Small Cap Value Fund.

Each Underlying Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in securities of small-capitalization companies. One of the Underlying Funds invests in the securities of companies domiciled in at least three different countries, and, therefore, the Fund will have exposure to securities of small-capitalization companies and to at least three different countries through its investments in the Underlying Funds.

The investment policies and risks of the Underlying Funds are further described elsewhere in this Prospectus. It should be noted that the Fund's investment objective and investment strategies remain constant regardless of which Underlying Funds the Fund is invested in.

Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure.

**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:

· *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.

· *Underlying funds risk* **–** The ability of the Fund to achieve its investment objective will depend in part upon the
allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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).

· *Investment in other investment companies risk –* As with other investments, investments in other investment companies,
including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including
ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory
fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held
by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. If such arrangements had not been in place, performance for those periods would have been lower. Performance prior to April 27, 2026 reflects the Fund's results when the Fund operated as a feeder fund in a master-feeder arrangement. 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(2016:1.76, 2017:25.52, 2018:-10.77, 2019:31.1, 2020:29.32, 2021:6.38, 2022:-29.8, 2023:15.77, 2024:2.05, 2025:14.2)](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 29.25%; **Worst Quarter (ended 3/31/2020):** -25.29%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:1.97, 2017:25.78, 2018:-10.48, 2019:31.44, 2020:29.78, 2021:6.71, 2022:-29.59, 2023:16.09, 2024:2.3, 2025:14.57)](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 29.27%; **Worst Quarter (ended 3/31/2020):** -25.16%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Multi-Manager Global Small Cap Fund (Class A) | 14.20% | 0.15% | 6.89% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 19.96% | 6.65% | 8.93% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL Multi-Manager Global Small Cap Fund (Class I) | 14.57% | 0.44% | 7.19% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 19.96% | 6.65% | 8.93% |

---

**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.

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| William Harding, CFA | April 2026 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | April 2026 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | April 2026 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | April 2026 | Director and Portfolio Manager, JNAM |

---

**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.