# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000018
**Filing Date:** 2026-1
**Character Count:** 24685
**Document Hash:** 18d09533dc6b0d80f9b292af61f23379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000018.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0000933691-26-000018

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**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:** 26555238

**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/American Funds Global Growth Fund (Series ID: S000068132)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000218222 | JNL/American Funds Global Growth Fund (A) |  |
| C000218223 | JNL/American Funds Global Growth Fund (I) |  |

**Summary Prospectus – April 28, 2025, as amended January 23, 2026**

**JNL/American Funds Global Growth 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 ("Feeder Fund") is to seek long-term growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Global Growth Fund<sup>SM</sup> (the "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 | 1.12% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>2</sup> | 0.14% |
| Total Annual Fund Operating Expenses | 1.56% |
| Less Waiver/Reimbursement<sup>3</sup> | 0.50% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement | 1.06% |

---

<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 0.10% 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 | 1.12% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.14% |
| Total Annual Fund Operating Expenses | 1.26% |
| Less Waiver/Reimbursement<sup>3</sup> | 0.50% |
| Total Annual Fund Operating Expenses After Waiver/Reimbursement | 0.76% |

---

<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 0.10% 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.

**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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL/American Funds Global Growth Fund Class A** | **JNL/American Funds Global Growth Fund Class A** | **JNL/American Funds Global Growth Fund Class A** | **JNL/American Funds Global Growth Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $108 | $444 | $803 | $1814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/American Funds Global Growth Fund Class I** | **JNL/American Funds Global Growth Fund Class I** | **JNL/American Funds Global Growth Fund Class I** | **JNL/American Funds Global Growth Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $78 | $350 | $644 | $1479 |

---

<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** |
| 1/1/2024 - 12/31/2024 | 41% |

---

**Principal Investment Strategies.** The Fund operates as a "feeder fund" and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund.

The Master Fund invests primarily in common stocks of companies around the world that the Master Fund's investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the Master Fund will allocate its assets among securities of companies in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States. That percentage will represent at least 40% of the Master Fund's net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies outside of the United States minus 5%, whichever is lower.

Although the Master Fund focuses on investments in medium to larger capitalization companies, the Master Fund's investments are not limited to a particular capitalization size.

The Master Fund uses a system of multiple portfolio managers in managing the Master Fund's assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual managers.

The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund's portfolio investments. The basic investment philosophy of the Master Fund's investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

**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:

· *Accounting risk* – The Master 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 Master Fund's investment manager to identify appropriate investment opportunities.

· *Company risk* **–** Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values
of other types of securities in response to changes in a particular company's financial condition.

· *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.

· *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.

· *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.

· *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.

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

· *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the
market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly
relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's
goods or services.

· *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.

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

· *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.

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

· *Stock risk –* Stock markets may experience significant short-term volatility and may fall sharply at times. Different
stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign
stock markets. The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors
can affect the price of a particular company's stock.

<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. 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.

The performance data includes the performance of the JNL/American Funds Global Growth Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund's registration statement became effective.

**Annual Total Returns as of December 31**

**Class A**

![](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 24.25%; **Worst Quarter (ended 6/30/2022):** -16.74%

**Annual Total Returns as of December 31**

**Class I**

**Best Quarter (ended 6/30/2020):** 24.29%; **Worst Quarter (ended 6/30/2022):** -16.66%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/American Funds Global Growth Fund (Class A) | 13.23% | 9.37% | 10.40% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.21% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| JNL/American Funds Global Growth Fund (Class I) | 13.56% | 9.69% | 10.39% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 17.20% | 10.01% | 9.70% |

---

**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 Adviser to the Master Fund:**<br> Capital Research and Management Company ("CRMC")

**Portfolio Managers:**

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Patrice Collette | November 2015 | Partner, Capital World Investors, CRMC |
| Matt Hochstetler | January 2024 | Partner, Capital World Investors, CRMC |
| Barbara Burtin | August 2025 | Partner, Capital World Investors, CRMC |
| Jason B. Smith | August 2025 | Partner, Capital World Investors, CRMC |
| Mathews Cherian | January 2026 | Partner, Capital World Investors, CRMC |

---

**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.