# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-000329
**Filing Date:** 2025-6
**Character Count:** 30914
**Document Hash:** 6575b072f0a41ba4d45ed97e9b5b3297
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-000329.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0000933691-25-000329

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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:** 251026467

**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/Lord Abbett Short Duration Income Fund (Series ID: S000068109)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218176 | JNL/Lord Abbett Short Duration Income Fund (I) |  |
| C000218177 | JNL/Lord Abbett Short Duration Income Fund (A) |  |

#### Summary Prospectus – April 28, 2025, as amended June 5, 2025

#### JNL/Lord Abbett Short Duration Income 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 28, 2025, 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 to seek a high level of income consistent with preservation of capital.

**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 | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses | 0.80% |

---

<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 | 0.35% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses | 0.50% |

---

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

**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/Lord Abbett Short Duration Income Fund Class A** | **JNL/Lord Abbett Short Duration Income Fund Class A** | **JNL/Lord Abbett Short Duration Income Fund Class A** | **JNL/Lord Abbett Short Duration Income Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $82 | $255 | $444 | $990 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund Class I** | **JNL/Lord Abbett Short Duration Income Fund Class I** | **JNL/Lord Abbett Short Duration Income Fund Class I** | **JNL/Lord Abbett Short Duration Income Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $51 | $160 | $280 | $628 |

---

**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** |  |
| 1/1/2024 - 12/31/2024 | 79% |

---

**Principal Investment Strategies.** The Fund invests in various types of short-duration debt (or fixed-income) securities. Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt securities of various types. Such investments include:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate debt securities of U.S. issuers;

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage-backed, mortgage-related, and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities ("CMBS");

&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities; and

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation-linked investments.

The Fund may invest in Treasury Inflation Protected Securities ("TIPS"), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers ("CPI-U"), and other inflation-indexed securities issued by the U.S. Department of Treasury. The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments:

&nbsp;&nbsp;&nbsp;&nbsp;• High-yield debt securities (commonly referred to as "lower-rated" or "junk" bonds);

&nbsp;&nbsp;&nbsp;&nbsp;• Debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;• Senior loans, including bridge loans, novations, assignments, and participations;

&nbsp;&nbsp;&nbsp;&nbsp;• Convertible securities, including convertible bonds and preferred stocks; and

&nbsp;&nbsp;&nbsp;&nbsp;• Structured securities and other hybrid instruments, including collateralized loan obligations ("CLOs").

The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. The Fund may, and typically does, invest substantially in CMBS, including lower-rated CMBS.

The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three years. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.

The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund's exposure to the direction of interest rates, or for other portfolio management reasons.

The Fund's sub-adviser, Lord, Abbett & Co. LLC (the "Sub-Adviser"), buys and sells securities using a relative value-oriented investment process, meaning the Sub-Adviser generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The Sub-Adviser combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top down analysis, the Sub-Adviser evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The Sub-Adviser employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The Sub-Adviser may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities.

The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

**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;• *Managed portfolio risk* –
 As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial condition of an issuer
 may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's
 investment objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the
 investment objective of the Fund will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&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. Debt instruments typically do not provide any voting rights, except in cases when
 interest payments have not been made and the issuer is in default.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&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;• *Credit risk* **–** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for
 payment will not pay interest and principal payments when due. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for
 payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal
 and/or interest payments, or to otherwise honor its obligations.

&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;• *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;• *U.S. Government securities risk* – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by
 the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer's obligations; or (iv) supported only by the credit of the issuer. The maximum potential
 liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.

&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;• *Commercial mortgage-backed securities risk –* Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed
 securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments,
 and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Convertible securities risk* **–** Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be
 subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity
 securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer
 durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in
 interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.

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

&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, 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.

&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;• *Senior loans risk* – The
 senior loans in which the Fund invests are usually rated below investment grade. The amount of public information with respect to loans may be less extensive than that available for registered or exchange listed securities. An economic
 downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. A secured senior loan may not be adequately collateralized. Moreover, any specific collateral used to secure a
 senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value.

&nbsp;&nbsp;&nbsp;&nbsp;• *Collateralized loan obligations risk* – Collateralized loan obligations ("CLOs") are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" of debt that vary in risk and yield and may experience substantial losses due to
 actual defaults, decrease of market value due to collateral defaults and exhaustion of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on
 the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. Subordinate tranche investments involve greater risk of loss than more senior tranches. CLOs also carry risks including, but not
 limited to, interest rate risk and credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

<br>**Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

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

Effective April 29, 2024, the Bloomberg U.S. Aggregate Index replaced the ICE BofA 1-3 Year U.S. Corporate Index as the Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The ICE BofA 1-3 Year U.S. Corporate Index is included as an additional index for the Fund because the Adviser believes it more closely reflects the market segments in which the Fund invests.

#### Annual Total Returns as of December 31

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

**Best Quarter (ended 9/30/2024):** 2.82%; **Worst Quarter (ended 3/31/2022):** -2.78%

#### Annual Total Returns as of December 31

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

**Best Quarter (ended 12/31/2023):** 2.90%; **Worst Quarter (ended 3/31/2022):** -2.76%

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | |  |
|  | **1 year** | **Life of Fund (April 27, 2020)** |
| JNL/Lord Abbett Short Duration Income Fund (Class A) | 5.10% | 2.13% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 1.25% | -1.38% |
| ICE BofA 1-3 Year U.S. Corporate Index (reflects no deduction for fees, expenses, or taxes) | 5.40% | 2.22% |

---

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | |  |
|  | **1 year** | **Life of Class (April 27, 2020)** |
| JNL/Lord Abbett Short Duration Income Fund (Class I) | 5.35% | 2.42% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 1.25% | -1.38% |
| ICE BofA 1-3 Year U.S. Corporate Index (reflects no deduction for fees, expenses, or taxes) | 5.40% | 2.22% |

---

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

**Sub-Adviser:**<br> Lord, Abbett & Co. LLC ("Lord Abbett")

#### Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Andrew H. O'Brien, CFA | April 2020 | Partner and Portfolio Manager, Lord Abbett |
| Robert A. Lee | April 2020 | Partner and Co-Head of Taxable Fixed Income, Lord Abbett |
| Steven F. Rocco, CFA | April 2020 | Partner and Co-Head of Taxable Fixed Income, Lord Abbett |
| Adam C. Castle, CFA | April 2022 | Partner and Portfolio Manager, Lord Abbett |
| Harris A. Trifon | April 2022 | Partner and Portfolio Manager, Lord Abbett |
| Yoana N. Koleva, CFA | April 2022 | Partner and Portfolio Manager, Lord Abbett |

---

#### 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's shareholders are separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. Accordingly, the Fund's dividends and other distributions generally are not taxable to you, the contract owner or plan participant, but no further discussion is included about the U.S. federal income tax consequences to you. 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.