# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000426
**Filing Date:** 2026-6
**Character Count:** 37353
**Document Hash:** e585a7cb528a20a770e9f5d749b4fe38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000426.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0000933691-26-000426

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261071251

**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/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (Series ID: S000034689)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000106863 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (A) |  |
| C000106864 | JNL/FIRST SENTIER GLOBAL INFRASTRUCTURE FUND (I) |  |

**Summary Prospectus – April 27, 2026, as amended June 8, 2026**

**JNL/First Sentier Global Infrastructure 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 total return through growth of capital and inflation-protected income.

**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 | 0.70% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 1.16% |

---

<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 | 0.70% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.16% |
| Total Annual Fund Operating Expenses | 0.86% |

---

<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/First Sentier Global Infrastructure Fund Class A** | **JNL/First Sentier Global Infrastructure Fund Class A** | **JNL/First Sentier Global Infrastructure Fund Class A** | **JNL/First Sentier Global Infrastructure Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $118 | $368 | $638 | $1409 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund Class I** | **JNL/First Sentier Global Infrastructure Fund Class I** | **JNL/First Sentier Global Infrastructure Fund Class I** | **JNL/First Sentier Global Infrastructure Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $88 | $274 | $477 | $1061 |

---

**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 | 59% |

---

**Principal Investment Strategies.** The Fund, under normal market conditions, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in publicly traded equity securities of infrastructure companies. The Fund will typically invest in U.S. and non-U.S. (foreign markets), which may include developing and emerging market countries.

The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Fund's sub-adviser, in which case the Fund would invest at least 30%) in non-U.S. infrastructure companies.

The Fund defines an infrastructure company as one that exhibits the characteristics of high barriers to entry, strong pricing power, predictable cash flows and sustainable growth. The Fund defines infrastructure assets, among other things, as the physical structures, networks and systems of transportation, energy, water, waste, and communication. Given the evolving nature of the global listed infrastructure market, the Fund may hold securities outside of the above sectors as long as they meet the Fund's definition of an infrastructure company.

The equity securities in which the Fund may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The foreign securities in which the Fund may invest include, but not limited to, depositary receipts, such as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). The Fund may also invest in initial public offerings ("IPOs").

The Fund may invest without limit in stapled securities to gain exposure to infrastructure companies in Australia. The value of stapled securities and the income derived from them may fall as well as rise. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund.

The Fund may invest in real estate investment trusts ("REITs") and in limited partnerships and master limited partnerships ("MLPs") listed on a domestic or foreign exchange that meet the Fund's definition of an infrastructure company.

The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission ("SEC") but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended.

The Fund's investment strategy is based on active, bottom-up stock selection which seeks to identify mispricing. The strategy seeks to minimize risk through on-the-ground research, a focus on quality, and sensible portfolio construction.

**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:

· *Infrastructure companies risk* **–** Infrastructure companies may be subject to a variety of factors that may adversely
affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs
associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other
providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies
and other factors. Some of the specific risks that infrastructure companies may be particularly affected by, or subject to, include the
following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic
asset risk, operation risk, customer risk, interest rate risk, inflation risk and financing risk.

In particular, the operations of infrastructure projects are exposed to unplanned interruptions caused by significant catastrophic events, such as cyclones, earthquakes, landslides, floods, explosion, fire, terrorist attack, major plant breakdown, pipeline or electricity line rupture or other disasters. Operational disruption, as well as supply disruption, could adversely impact the cash flows available from these assets.

Further, national and local environmental laws and regulations affect the operations of infrastructure projects. Standards are set by these laws, and regulations are imposed regarding certain aspects of health and environmental quality, and they provide for penalties and other liabilities for the violation of such standards, and establish, in certain circumstances, obligations to remediate and rehabilitate current and former facilities and locations where operations are, or were, conducted. These laws and regulations may have a detrimental impact on the financial performance of infrastructure projects.

· *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.

· *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.

· *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.

· *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.

· *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.

· *Investment strategy risk* **–** The Sub-Adviser uses the principal investment strategies and other investment strategies
to seek to achieve the Fund's investment objective. Investment decisions made by the Sub-Adviser in accordance with these investment
strategies may not produce the returns the Sub-Adviser expected, and may cause the Fund's shares to decline in value or may cause
the Fund to underperform other funds with similar investment objectives.

· *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.

· *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.

· *European investment risk* – Investing in Europe involves many of the same risks as investing in foreign securities. In
addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with
investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and
to be more volatile than the performance of more geographically diversified funds.

· *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.

· *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.

· *Stapled securities risk –* A stapled security is comprised of two different securities—a unit of a trust and a share
of a company—that are "stapled" together and treated as a unit at all times, including for transfer or trading. The
characteristics and value of a stapled security are influenced by both underlying securities. Stapled securities are not obligations of,
deposits in, or guaranteed by, the Fund. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid
market for stapled securities.

· *Master limited partnership risk* – An investment in MLP units involves some risks that differ from an investment in the
common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves
certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding
credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that
concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The
benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income
tax purposes. Certain MLPs may be illiquid securities.

· *Regulation S securities risk* **–** Regulation S securities may be less liquid than publicly traded securities and
may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded.
Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

· *Rule 144A securities risk* – Rule 144A securities are securities offered as exempt from registration with the SEC, but
may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market,
but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested
in purchasing Rule 144A securities, investing in such securities could increase the Fund's level of illiquidity.

· *Investments in IPOs risk* **–** IPOs issued by unseasoned companies with little or no operating history are risky and
highly volatile.

· *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.

· *Small-capitalization investing risk* **–** Investing in smaller companies, some of which may be newer companies or
start-ups, generally involves greater risks than investing in larger, more established ones. The securities of companies with smaller
market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate
more, than the securities of companies with larger market capitalizations.

· *Real estate investment risk* **–** Risks of investing in real estate securities include falling property values due
to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological
developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and
other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of
real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop
because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively
impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related
issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.

· *REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership
of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions;
difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental
regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage

funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

· *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.

· *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.

· *Depositary receipts risk –* Depositary receipts, such as American depositary receipts ("ADRs"), global depositary
receipts ("GDRs"), and European depositary receipts ("EDRs"), may be issued in sponsored or un-sponsored programs.
They may be traded in the over-the-counter ("OTC") market or on a regional exchange, or may otherwise have limited liquidity.
The prices of depositary receipts may differ from the prices of securities upon which they are based. In a sponsored program, a security
issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer
may not be directly involved in the creation of the program. Holders of un-sponsored depositary receipts generally bear all the costs
of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends
into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. Depositary receipts
involve many of the same risks as direct investments in foreign securities. These risks include: fluctuations in currency exchange rates,
which are affected by international balances of payments and other economic and financial conditions; government intervention; and speculation.
With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation,
political and social upheaval, and economic instability. Investments in depositary receipts that are exchange-traded or OTC may also subject
the Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.

· *Preferred stock risk* – Preferred stock represents an equity interest in a company that generally entitles the holder
to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting
from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions
for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer
or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest
rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security's
terms and issuer's discretion, which may impact the value of the security in light of prevailing market interest rates at that time,
(v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued
by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited,
or no, voting rights.

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

· *Volatility risk –* The Fund may have investments that appreciate or depreciate significantly in value over short periods
of time. This may cause the Fund's net asset value per share to experience significant appreciations or depreciations in value over
short periods of time.

· *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.

· *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. Performance prior to August 13, 2018 reflects the Fund's results when managed by the former sub-adviser, Brookfield Investment Management, Inc. 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 8, 2026, for consistency with the Fund's principal investment strategies, the Fund will add the FTSE Global Core Infrastructure 50/50 Index as the Fund's tertiary benchmark

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2016:12.58, 2017:9.9, 2018:-6.4, 2019:26.92, 2020:-3.68, 2021:12.95, 2022:-4.01, 2023:2.81, 2024:5.64, 2025:17.55)](image_001.jpg)

**Best Quarter (ended 3/31/2019):** 14.17%; **Worst Quarter (ended 3/31/2020):** -21.27%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2016:12.72, 2017:10.19, 2018:-6.1, 2019:27.24, 2020:-3.4, 2021:13.32, 2022:-3.73, 2023:3.05, 2024:5.93, 2025:17.97)](image_002.jpg)

**Best Quarter (ended 3/31/2019):** 14.17%; **Worst Quarter (ended 3/31/2020):** -21.23%

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/First Sentier Global Infrastructure Fund (Class A) | 17.55% | 6.72% | 6.96% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| S&P Global Infrastructure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 21.54% | 10.02% | 8.47% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/First Sentier Global Infrastructure Fund (Class I) | 17.97% | 7.04% | 7.25% |
| Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| S&P Global Infrastructure Index (Net) (reflects no deduction for fees, expenses, or taxes) | 21.54% | 10.02% | 8.47% |

---

**Portfolio Management.**

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

**Sub-Adviser:** <br> First Sentier Investors (Australia) IM Ltd ("First Sentier Investors")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Andrew Greenup | August 2018 | Deputy Head of Global Listed Infrastructure, First Sentier Investors |
| Peter Meany | August 2018 | Head of Global Listed Infrastructure, First Sentier Investors |
| Edmund Leung | July 2021 | Senior Portfolio Manager, First Sentier Investors |

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**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.