# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-000417
**Filing Date:** 2025-7
**Character Count:** 20205
**Document Hash:** 68118f7e332984d2acd8924176a0edb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-000417.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0000933691-25-000417

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**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:** 251135994

**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/JPMORGAN MIDCAP GROWTH FUND (Series ID: S000001797)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004704 | JNL/JPMORGAN MIDCAP GROWTH FUND (A) |  |
| C000067993 | JNL/JPMORGAN MIDCAP GROWTH FUND (I) |  |

#### Summary Prospectus – April 28, 2025, as amended July 21, 2025

#### JNL/JPMorgan MidCap 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.

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**Investment Objective.** The investment objective of the Fund is to seek capital growth over the long-term.

**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 | 0.49% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.10% |
| Total Annual Fund Operating Expenses | 0.89% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% 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 | 0.49% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.10% |
| Total Annual Fund Operating Expenses | 0.59% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% 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/JPMorgan MidCap Growth Fund Class A** | **JNL/JPMorgan MidCap Growth Fund Class A** | **JNL/JPMorgan MidCap Growth Fund Class A** | **JNL/JPMorgan MidCap Growth Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $91 | $284 | $493 | $1096 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/JPMorgan MidCap Growth Fund Class I** | **JNL/JPMorgan MidCap Growth Fund Class I** | **JNL/JPMorgan MidCap Growth Fund Class I** | **JNL/JPMorgan MidCap Growth Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $60 | $189 | $329 | $738 |

---

**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 | 56% |

---

**Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell MidCap Growth Index stocks at the time of purchase. As of December 31, 2024, the market capitalization range for the Russell MidCap Growth Index was $1.932 billion to $125.8 billion.

The Fund may use derivatives to hedge various investments, for risk management and to increase the Fund's income or gain.

The Fund may also invest up to 20% of its total assets in all types of foreign securities.

The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors.

**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;• *Accounting risk* – The
 Fund bases investment selections, in part, on information drawn from the financial statements of issuers. Financial statements may not be accurate, may reflect differing approaches with respect to auditing and reporting standards and may
 affect the ability of the Fund's investment manager to identify appropriate investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *Counterparty risk* **–** Transactions involving a counterparty are subject to the credit risk of the counterparty. A fund that enters into contracts with
 counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise honor
 its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business interruption, the Fund could suffer losses, including monetary losses, miss investment opportunities or be
 forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• *Financial services risk* –
 An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a
 financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk
 that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.

&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;• *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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&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;• *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;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;• *Information technology sector risk* – Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of
 those rights.

&nbsp;&nbsp;&nbsp;&nbsp;• *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 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 Morningstar<sup>®</sup> US Market Extended Index℠ replaced the Morningstar<sup>®</sup> US Mid Cap Broad Growth Index℠ as the Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The Morningstar<sup>®</sup> US Mid Cap Broad Growth 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 6/30/2020):** 32.46%; **Worst Quarter (ended 6/30/2022):** -20.76%

#### Annual Total Returns as of December 31

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

**Best Quarter (ended 6/30/2020):** 32.54%; **Worst Quarter (ended 6/30/2022):** -20.70%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| JNL/JPMorgan MidCap Growth Fund (Class A) | 14.12% | 10.99% | 11.61% |
| Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 23.81% | 13.84% | 12.56% |
| Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.04% | 11.14% | 11.11% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
|  | **1 year** | **5 year** | **10 year** |
| JNL/JPMorgan MidCap Growth Fund (Class I) | 14.46% | 11.33% | 11.92% |
| Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 23.81% | 13.84% | 12.56% |
| Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.04% | 11.14% | 11.11% |

---

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

**Sub-Adviser:**<br> J.P. Morgan Investment Management Inc. ("JPMorgan")

#### Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Felise Agranoff | December 2015 | Managing Director, JPMorgan |
| Michael Stein | May 2025 | Managing Director, JPMorgan |

---

#### 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.