# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-23-000021
**Filing Date:** 2023-3
**Character Count:** 28668
**Document Hash:** 66bc2f895152101565874182e29eab09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-23-000021.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0000933691-23-000021

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691
- **IRS NUMBER:** 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:** 23754644

**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/T. ROWE PRICE BALANCED FUND (Series ID: S000044437)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000138280 | JNL/T. ROWE PRICE BALANCED FUND (A) |  |
| C000192215 | JNL/T. ROWE PRICE BALANCED FUND (I) |  |

#### Summary Prospectus – April 25, 2022, as amended March 23, 2023

#### JNL/T. Rowe Price Balanced 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 <u>http://connect.rightprospectus.com/Jackson</u>. 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 dated April 25, 2022, as amended, and SAI dated November 15, 2022, are incorporated by reference into (which means they legally are a part of) this Summary Prospectus.

------

**Investment Objectives.** The investment objective of the Fund is to seek capital growth, current income, and preservation of capital through a portfolio of stocks and fixed-income securities.

**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 | 0.54% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 1.00% |

---

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

---

| | |
|:---|:---|
| **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 | 0.54% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 0.70% |

---

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

JNAM will voluntarily waive 0.02% of management fees on the Fund's assets up to $500 million. There is no guarantee that JNAM will continue to provide the waiver in the future.

JNAM has contractually agreed to waive a portion of the Fund's management fee in an amount equal to 100% of the net advisory fees payable to an affiliate of the sub-adviser attributable to the Fund's investment in funds managed by that affiliate. The waiver will have the effect of reducing the Acquired Fund Fees and Expenses that are indirectly borne by the Fund. The waiver will continue for at least one year from the date of this Prospectus, so long as the sub-advisory agreement remains in effect, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The impact of this waiver was less than 0.01% for the previous fiscal year.

**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. The example also assumes that the contractual expense limitation agreement is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund Class A** | **JNL/T. Rowe Price Balanced Fund Class A** | **JNL/T. Rowe Price Balanced Fund Class A** | **JNL/T. Rowe Price Balanced Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $102 | $318 | $552 | $1225 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund Class I** | **JNL/T. Rowe Price Balanced Fund Class I** | **JNL/T. Rowe Price Balanced Fund Class I** | **JNL/T. Rowe Price Balanced Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $72 | $224 | $390 | $871 |

---

**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** |  |
| 1/1/2021 - 12/31/2021 | 156% |

---

**Principal Investment Strategies.** The Fund normally invests approximately 65% of its total assets in common stocks and 35% in fixed income securities, money market securities, and cash reserves. The Fund may invest up to 35% of its total assets in foreign securities.

The Fund has significant flexibility to invest in a broad range of equity, fixed income, and alternative asset classes in the U.S. and other markets throughout the world, both developed and emerging.

T. Rowe Price Associates, Inc. ("Sub-Adviser") may decide to overweight and underweight a particular asset class based on its outlook for the economy and financial markets. Under normal conditions, the Fund's allocation to the broad asset classes will be within the following ranges, each as a percentage of the Fund's net assets: stocks (55%-75%), and fixed income securities, money market securities, and cash reserves (25%-45%). When deciding upon allocations within these prescribed limits, the Sub-Adviser may favor fixed income securities if the economy is expected to slow sufficiently to hurt corporate profit growth. When strong economic growth is expected, the Sub-Adviser may favor stocks. The Fund will invest in bonds, including foreign issues, which are primarily investment grade (i.e., assigned one of the four highest credit ratings by established credit rating agencies) and are chosen from across the entire government, corporate, and asset- and mortgage-backed securities markets. Maturities generally reflect the Sub-Adviser's outlook for interest rates. The Fund may at times invest significantly in certain sectors.

When selecting particular stocks, the Sub-Adviser will examine relative values and prospects among growth- and value-oriented stocks, domestic and international stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. Domestic stocks are drawn from the overall U.S. market and international stocks are selected primarily from large companies in developed countries, although stocks in emerging markets may also be purchased. This process draws heavily upon the Sub-Adviser's proprietary stock research expertise. While the Fund maintains a well-diversified portfolio, the Sub-Adviser may at a particular time shift stock selection toward markets or market sectors that appear to offer attractive value and appreciation potential.

A similar security selection process applies to bonds. When deciding whether to adjust duration, credit risk exposure, or allocations among the various sectors (for example, high yield "junk" bonds, mortgage- and asset-backed securities, international bonds and emerging market bonds), the Sub-Adviser weighs such factors as the outlook for inflation and the economy, corporate earnings, expected interest rate movements and currency valuations, and the yield advantage that lower-rated bonds may offer over investment grade bonds.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Credit risk* **–** 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.

&nbsp;&nbsp;&nbsp;&nbsp;• *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, 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *Sector risk* – Companies
 with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example,
 this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be
 more susceptible to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing in similar sectors or comparable benchmarks because of the investment manager's choice of
 securities within such sector.

&nbsp;&nbsp;&nbsp;&nbsp;• *Investment style risk* –
 The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to
 increase the price of the security do not occur. 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).

&nbsp;&nbsp;&nbsp;&nbsp;• *Managed portfolio risk* –
 As an actively managed portfolio, 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, or the Sub-Adviser's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance.

&nbsp;&nbsp;&nbsp;&nbsp;• *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform
 funds that focus on other types of stocks.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *Mortgage-related and other asset-backed securities risk* **–** Rising interest rates tend to extend the duration of mortgage-related and other asset-backed
 securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.

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

<br>**Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of broad-based securities market indices and a composite index which have investment characteristics similar to those of the Fund. Performance prior to August 13, 2018, reflects the Fund's results when managed by the former sub-adviser, Milliman Financial Risk Management LLC. 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.

Effective June 24, 2019, the Fund was combined with JNL/AQR Risk Parity Fund (the "Acquired Fund"), a series of Jackson Variable Series Trust, 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.

Effective December 31, 2021, for consistency with the Fund's principal investment strategies, the Fund replaced the 45% S&P 500 Index/20% MSCI EAFE Index (Net)/35% Bloomberg U.S. Aggregate Bond Index with the 45% S&P 500 Index/20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure Index<sup>SM</sup> (Net)/35% Bloomberg U.S. Aggregate Bond Index as the Fund's secondary benchmark.

#### Annual Total Returns as of December 31

#### Class A
![](image0.jpg)

**Best Quarter (ended 6/30/2020):** 13.93%; **Worst Quarter (ended 3/31/2020):** -15.58%

#### Annual Total Returns as of December 31

#### Class I
![](image1.jpg)

**Best Quarter (ended 6/30/2020):** 13.90%; **Worst Quarter (ended 3/31/2020):** -15.47%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2021** | | |  |
|  | **1 year** | **5 year** | **Life of Fund (April 28, 2014)** |
| JNL/T. Rowe Price Balanced Fund (Class A) | 12.73% | 10.80% | 7.30% |
| Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes) | 10.19% | 10.07% | 7.72% |
| 45% S&P 500, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 35% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 14.05% | 11.63% | 9.15% |
| 45% S&P 500, 20% MSCI EAFE Index (Net), 35% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 14.05% | 11.61% | 9.15% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 28.71% | 18.47% | 15.18% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | -1.54% | 3.57% | 3.17% |
| Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 11.27% | 9.63% | 5.32% |
| MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) | 11.26% | 9.55% | 5.30% |

---

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2021** | |  |
|  | **1 year** | **Life of Class (September 25, 2017)** |
| JNL/T. Rowe Price Balanced Fund (Class I) | 13.07% | 10.51% |
| Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes) | 10.19% | 9.35% |
| 45% S&P 500, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 35% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 14.05% | 11.01% |
| 45% S&P 500, 20% MSCI EAFE Index (Net), 35% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | 14.05% | 10.98% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 28.71% | 18.42% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | -1.54% | 3.42% |
| Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 11.27% | 6.78% |
| MSCI EAFE Index (Net) (reflects no deduction for fees, expenses, or taxes) | 11.26% | 6.62% |

---

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

**Sub-Adviser:**<br> T. Rowe Price Associates, Inc. ("T. Rowe Price")

**Sub-Sub-Adviser:**<br> T. Rowe Price Investment Management, Inc. ("Price Investment Management")

#### Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Charles M. Shriver, CFA | August 2018 | Vice President, T. Rowe Price |
| Toby M. Thompson, CFA, CAIA | August 2018 | Vice President, T. Rowe Price |

---

#### Purchase and Redemption of Fund Shares
Only separate accounts of Jackson National Life Insurance Company ("Jackson") or Jackson National Life Insurance Company of New York ("Jackson 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 or Jackson 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 or Jackson 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.