# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000189
**Filing Date:** 2026-4
**Character Count:** 25197
**Document Hash:** c05e3dff5e4fae97565f452836c3d6be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000189.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000189

**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:** 26896566

**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 Moderate Allocation Fund (Series ID: S000086555)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000252140 | JNL/American Funds Moderate Allocation Fund (I) |  |
| C000252141 | JNL/American Funds Moderate Allocation Fund (A) |  |

**Summary Prospectus – April 27, 2026**

**JNL/American Funds Moderate Allocation Fund**

**Class A**

**Class I**

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and most recent reports to shareholders, online at https://www.jackson.com/fund-literature.html. You can also get this information at no cost by calling 1-800-644-4565 (Annuity and Life Service Center), 1-800-599-5651 (NY Annuity and Life Service Center), 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), or by sending an email request to <u>ProspectusRequest@jackson.com</u>. The current Prospectus and SAI, both dated April 27, 2026, as amended, are incorporated by reference into (which means they legally are a part of) this Summary Prospectus.

**Investment Objective.** The investment objective of the Fund is to seek a balance between current income and growth 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 | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.32% |
| Total Annual Fund Operating Expenses | 0.97% |

---

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

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

---

| | |
|:---|:---|
| **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 | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.32% |
| Total Annual Fund Operating Expenses | 0.67% |

---

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

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

**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/American Funds Moderate Allocation Fund Class A** | **JNL/American Funds Moderate Allocation Fund Class A** | **JNL/American Funds Moderate Allocation Fund Class A** | **JNL/American Funds Moderate Allocation Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $99 | $309 | $536 | $1190 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/American Funds Moderate Allocation Fund Class I** | **JNL/American Funds Moderate Allocation Fund Class I** | **JNL/American Funds Moderate Allocation Fund Class I** | **JNL/American Funds Moderate Allocation Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $68 | $214 | $373 | $835 |

---

**Portfolio Turnover (% of average value of portfolio).** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example above, affect the Fund's performance.

---

| | |
|:---|:---|
| **Period** | |
| 1/1/2025 - 12/31/2025 | 14% |

---

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing in shares of a diversified group of other Funds ("Underlying Funds"). The Underlying Funds in which the Fund may invest are a part of either the American Funds Insurance Series<sup>®</sup> ("AFIS") or the American Funds R6 mutual fund share class. Not all Funds of the American Funds are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds.

Under normal circumstances, the Fund allocates approximately 20%-60% of its assets to Underlying Funds that invest primarily in equity securities and 40%-80% of its assets to Underlying Funds that invest primarily fixed-income securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range.

Within these asset classes, the Fund remains flexible with respect to the percentage it will allocate among Underlying Funds. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure.

Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. Fund investments may include Underlying Funds that invest in foreign bonds denominated in currencies other than U.S. dollars as well as Underlying Funds that invest exclusively in bonds of U.S. issuers. The Underlying Funds may invest in a variety of sectors and credit qualities, including government bonds, inflation-linked bonds, investment grade corporate bonds, high yield corporate bonds (commonly referred to as "junk bonds"), mortgages, and emerging market debt.

Some of the Underlying Funds may utilize a number of derivatives in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Equities Strategies, may hold a significant amount of small or mid-capitalization equities in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of junk bonds in order to execute their investment strategy.

**Principal Risks of Investing in the Fund.** An investment in the Fund is not guaranteed. As with any mutual fund, the value of the Fund's shares will change, and you could lose money by investing in the Fund. The principal risks associated with investing in the Fund include:

· *Allocation risk* – The Fund's ability to achieve its investment objective depends upon the investment manager's
analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select
an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of
changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds.

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

· *Market risk* – Portfolio securities may decline in value due to factors affecting securities markets generally, such as
real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor
sentiment, public health issues, including widespread disease and virus epidemics or pandemics, war, terrorism or natural disasters, among
others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities
may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

· *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile,
and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities
will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased or held by an Underlying Fund could decline if the financial condition of the

companies an Underlying 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.

· *Mid-capitalization and small-capitalization investing risk* – The securities of mid-capitalization and small-capitalization
companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic
price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time
or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more
limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile
and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Generally, the smaller
the company size, the greater these risks become.

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

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

· *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).

<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 additional indices 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.

Consistent with the Fund's principal investment strategies, the Fund uses the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index as the Fund's tertiary benchmark.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2025:13.14)](image_001.jpg)

**Best Quarter (ended 6/30/2025):** 6.25%; **Worst Quarter (ended 3/31/2025):** 1.02%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2025:13.54)](image_002.jpg)

**Best Quarter (ended 6/30/2025):** 6.34%; **Worst Quarter (ended 3/31/2025):** 1.12%

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Fund (October 21, 2024)** |
| JNL/American Funds Moderate Allocation Fund (Class A) | 13.14% | 9.19% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 4.57% |
| Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes) | 12.87% | 8.66% |
| 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 9.33% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 16.59% |

---

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Class (October 21, 2024)** |
| JNL/American Funds Moderate Allocation Fund (Class I) | 13.54% | 9.52% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 4.57% |
| Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes) | 12.87% | 8.66% |
| 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 9.33% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 16.59% |

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**Portfolio Management.**

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

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| William Harding, CFA | October 2024 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | October 2024 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | October 2024 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | October 2024 | Director and Portfolio Manager, JNAM |

---

**Purchase and Redemption of Fund Shares** 

Only separate accounts of Jackson National Life Insurance Company ("Jackson National") or Jackson National Life Insurance Company of New York ("Jackson National NY") and series, including fund of funds, of registered investment companies in which either or both of those insurance companies invest may purchase shares of the Fund. You may invest indirectly in the Fund through your purchase of a variable annuity or life insurance contract issued by a separate account of Jackson National or Jackson National NY that invests directly, or through a fund of funds, in this Fund. Any minimum initial or subsequent investment requirements and redemption procedures are governed by the applicable separate account through which you invest indirectly.

This Fund serves as an underlying investment by insurance companies, affiliated investment companies, and retirement plans for funding variable annuity and life insurance contracts and retirement plans.

**Tax Information**

The Fund expects to be treated as a partnership for U.S. federal income tax purposes, and does not expect to make regular distributions (other than in redemption of Fund shares) to shareholders, which generally are the participating insurance companies investing in the Fund through separate accounts of Jackson National or Jackson National NY and mutual funds owned directly or indirectly by such separate accounts. You should consult the prospectus of the appropriate separate account or description of the plan for a discussion of the U.S. federal income tax consequences to you of your contract, policy, or plan.

**Payments to Broker-Dealers and Financial Intermediaries**

If you invest in the Fund under a variable insurance contract or a plan that offers a variable insurance contract as a plan option through a broker-dealer or other financial intermediary (such as a financial institution), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's Website for more information.