# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000249
**Filing Date:** 2026-4
**Character Count:** 40214
**Document Hash:** 2b042e476a4b3ec67e38b12e58178131
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000249.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000249

**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:** 26896765

**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/MELLON EMERGING MARKETS INDEX FUND (Series ID: S000033505)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000102953 | JNL/MELLON EMERGING MARKETS INDEX FUND (A) |  |
| C000102954 | JNL/MELLON EMERGING MARKETS INDEX FUND (I) |  |

**Summary Prospectus – April 27, 2026**

**JNL/Mellon Emerging Markets Index 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 ("Fund" or "Feeder Fund") is to track the performance of the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index<sup>SM</sup> (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets through exclusive investment in shares of the JNL Emerging Markets Index Fund ("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 | 0.48% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>2</sup> | 0.17% |
| Total Annual Fund Operating Expenses | 0.95% |
| Less Waiver/Reimbursement<sup>3</sup> | 0.20% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement | 0.75% |

---

<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 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>3</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 | 0.48% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.17% |
| Total Annual Fund Operating Expenses | 0.65% |
| Less Waiver/Reimbursement<sup>3,4</sup> | 0.25% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement | 0.40% |

---

<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 0.15% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>3</sup> JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.

<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. The example also assumes that the Class I administrative waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Mellon Emerging Markets Index Fund Class A** | **JNL/Mellon Emerging Markets Index Fund Class A** | **JNL/Mellon Emerging Markets Index Fund Class A** | **JNL/Mellon Emerging Markets Index Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $77 | $283 | $506 | $1148 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Mellon Emerging Markets Index Fund Class I** | **JNL/Mellon Emerging Markets Index Fund Class I** | **JNL/Mellon Emerging Markets Index Fund Class I** | **JNL/Mellon Emerging Markets Index Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $41 | $183 | $337 | $787 |

---

<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 | 11% |

---

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

The Master Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure Index℠ (Net) ("Index"), including depositary receipts representing securities of the Index; which may be in the form of American Depositary receipts ("ADRs"), Global Depositary receipts ("GDRs") and European Depositary receipts ("EDRs"). The Index is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Emerging Markets equity markets. Morningstar Indexes classifies Brazil, Chile, Colombia, Mexico, Peru, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan, Thailand, Czech Republic, Greece, Hungary, Russia, Turkey, Egypt, Kuwait, Qatar, South Africa, Saudi Arabia, and United Arab Emirates as Emerging Markets. Morningstar Indexes reviews the market classification annually and consecutively updates the list.

There is no specific tilt based on region. While the Index will contain securities from China and Russia, their weights are determined solely in accordance with their float market capitalization. As of December 31, 2025, total percentage weight of securities from China was 29% and that from Russia was 0%.

The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday.

As of December 31, 2025, the Index had 1,469 constituents and the full market capitalization range was $307 million to $1.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution.

The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Master Fund attempts to replicate the

performance of the Index by investing all or substantially all of its assets in the securities that comprise the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

Emerging market issuers may not be subject to accounting, auditing, legal and financial reporting standards comparable to those in developed markets, and emerging markets generally have less diverse and less mature economic structures, as well as less stable political systems, than those of developed countries. Because the Fund seeks to track an index comprised of foreign securities, it may be more susceptible to such risks than a Fund that seeks to track an index comprised of domestic securities.

When attempting to replicate the Index, portfolio turnover is typically limited to what the Index adds and deletes, contract owner contributions and withdrawals, fund of fund purchases and redemptions, and reinvestment income. The Master Fund stays aligned with the Index automatically with the change in share price, due to the close similarity between the holdings of the Index and those of the Master Fund. The Master Fund will rebalance on or about the date that the Index rebalances.

The Master Fund will use to a significant degree derivative instruments, such as options, futures, and options on futures (including those relating to securities, indexes, foreign currencies and interest rates), forward contracts, swaps and hybrid instruments (typically structured notes), as a substitute for investing directly in equities, bonds and currencies in connection with its investment strategy. The Master Fund also may use such derivatives as part of a hedging strategy or for other purposes related to the management of the Master Fund. Derivatives may be entered into on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. The Master Fund also may purchase or sell securities on a forward commitment (including "TBA" (to be announced) basis). These transactions involve a commitment by the Master Fund to purchase or sell particular securities with payment and delivery taking place at a future date and permit the Master Fund to lock in a price or yield on a security it owns or intends to purchase, regardless of future changes in interest rates or market conditions.

The Master Fund also may invest in derivative securities to manage cash flows and equitize dividend accruals.

In addition, the Master Fund may also invest in exchange-traded funds ("ETFs"). ETFs may be used in the Master Fund to invest cash until such time as the Master Fund purchases local securities. ETFs may also be used to gain exposure to local markets that may be closed, or that are expensive or difficult to trade in local shares.

The Master Fund may concentrate its investments in an industry or group of industries to the extent that the Index the Master Fund is designed to track is also so concentrated.

**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.

· *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 Master 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.

· *China risk –* The Chinese economy is generally considered an emerging market and can be significantly affected by economic
and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents
a large portion of China's total market and thus may be more sensitive to adverse political or economic circumstances and market
movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development,
government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others.
Under China's political and economic system, the central government has historically exercised substantial control over virtually
every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization,
repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect
and significantly diminish the values of the Chinese companies

in which the Master Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Master Fund's performance and increase the volatility of an investment in the Fund.

· *Russia investment risk **–*** During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there
are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose
of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency
from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing
such sanctioned securities. Absent sanctions prohibiting these investments, the Master Fund may invest a portion of its assets in securities
issued by companies located in Russia. Because of the underdeveloped state of Russia's banking system and securities markets, settlement,
clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement
Depository ("NSD") in Russia as a recognized central securities depository, title to Russian equity securities is now based
on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of
loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers
and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia.
Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent
market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that
the Master Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the
Master Fund to enforce its rights or otherwise remedy the loss.

· *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.

· *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 Master Fund could decline if the financial condition of the companies the Master
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.

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

· *Passive investment risk* – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund
does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods
of market decline. This means that, based on market and economic conditions, the Master Fund's performance could be lower than actively
managed funds that realign their portfolios more frequently based on the real-time market trends.

· *Index investing risk –* The Master Fund's indexing strategy does not attempt to manage volatility, use defensive
strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling,
the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance
may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing
of purchases and redemptions of the Fund's shares, changes in the composition of the index, and the Fund's expenses. Certain
regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an
index.

· *Tracking error risk* – Tracking error is the divergence of the Fund's performance from that of the Index. The Master
Fund's return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between
the securities and other instruments held in the Master Fund's portfolio and those included in the Index, pricing differences, differences
in transaction costs, the Master Fund's holding of uninvested cash, differences in timing of the accrual of or the valuation of
dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing
regulatory requirements. This risk may be heightened during times of increased market volatility or other

unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates.

· *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities)
may reduce returns if the Master 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 Master Fund may be forced to sell securities at an unfavorable time and/or under
unfavorable conditions.

· *Concentration risk* **–** The Master Fund may concentrate its investments in certain securities. To the extent that
the Master Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities
from time to time, the Master Fund may be subject to greater risks of adverse economic, business or political developments in the area
of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

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

· *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 Master Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

· *License termination risk* **–** The Master Fund may rely on licenses from a third party (licensor) that permit
the Master Fund to use that party's intellectual property in connection with the Master Fund's name and/or investment
strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed
name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation
of the Master Fund, including the need to change the investment strategy.

· *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.

· *Exchange-traded funds investing risk –* An investment in an ETF generally presents the following risks: (i) the same primary
risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies
and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective;
(iii) price fluctuation, resulting in a loss to the Master Fund; (iv) the risk that an ETF may trade at a discount to its net asset value;
(v) the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer
meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Master Fund invests in an ETF, shareholders
of the Master Fund bear their proportionate share of the ETF's fees and expenses as well as their share of the Master Fund's
fees and expenses.

· *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 Master 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 Master Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Master Fund may have to sell securities at a time when it may be disadvantageous to do so.

· *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.

· *Securities lending risk* – Securities lending involves the risk of loss or delays in recovery of the loaned securities
or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.

<br> **Performance.** Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a "feeder fund" of the Master Fund. Performance prior to April 26, 2021 reflects the Fund's results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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(2016:10.09, 2017:36.11, 2018:-15.24, 2019:17.89, 2020:17.1, 2021:-3.5, 2022:-18.97, 2023:9.26, 2024:5.56, 2025:30.92)](image_001.jpg)

**Best Quarter (ended 12/31/2020):** 18.78%; **Worst Quarter (ended 3/31/2020):** -23.98%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:10.25, 2017:36.59, 2018:-15, 2019:18.2, 2020:17.55, 2021:-3.17, 2022:-18.63, 2023:9.63, 2024:5.91, 2025:31.39)](image_002.jpg)

**Best Quarter (ended 12/31/2020):** 18.91%; **Worst Quarter (ended 3/31/2020):** -23.86%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/Mellon Emerging Markets Index Fund (Class A) | 30.92% | 3.38% | 7.55% |
| Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 8.77% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/Mellon Emerging Markets Index Fund (Class I) | 31.39% | 3.75% | 7.89% |
| Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 8.77% |

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**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 Sub-Adviser to the Master Fund:**<br> Mellon Investments Corporation ("Mellon")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Marlene Walker Smith | October 2020\* | Senior Director and Chief Investment Officer, Mellon |
| David France, CFA | October 2020\* | Senior Vice President and Senior Portfolio Manager, Mellon |
| Todd Frysinger, CFA | October 2020\* | Senior Vice President and Senior Portfolio Manager, Mellon |
| Vlasta Sheremeta, CFA | October 2020\* | Senior Vice President and Senior Portfolio Manager, Mellon |
| Michael Stoll | October 2020\* | Senior Vice President and Senior Portfolio Manager, Mellon |

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\* Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a "feeder fund" of the Master Fund. These dates refer to the time during which the Fund was managed by JNAM and implemented its investment strategy directly through Mellon as sub-adviser.

**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.