# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000239
**Filing Date:** 2026-4
**Character Count:** 22601
**Document Hash:** ae2027487e4d60661acd13929e2bce10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000239.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000239

**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:** 26896687

**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 Nasdaq Hedged Equity Fund (Series ID: S000086557)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252144 | JNL/JPMorgan Nasdaq Hedged Equity Fund (I) |  |
| C000252145 | JNL/JPMorgan Nasdaq Hedged Equity Fund (A) |  |

**Summary Prospectus – April 27, 2026**

**JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity 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 to provide capital appreciation.

**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 | 0.50% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.19% |
| Total Annual Fund Operating Expenses | 0.99% |

---

<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 | 0.50% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.19% |
| Total Annual Fund Operating Expenses | 0.69% |

---

<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/JPMorgan Nasdaq® Hedged Equity Fund Class A** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class A** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class A** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $101 | $315 | $547 | $1213 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class I** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class I** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class I** | **JNL/JPMorgan Nasdaq® Hedged Equity Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $70 | $221 | $384 | $859 |

---

**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 | 78% |

---

**Principal Investment Strategies.** The Fund seeks to provide capital appreciation through participation in the equity markets while hedging overall market exposure relative to traditional long-only equity strategies. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of Nasdaq listed companies. The Fund seeks to achieve its investment objective by investing in an actively managed portfolio of equity securities, including securities in the Nasdaq-100 Index<sup>®</sup> (the "Index"). The Fund can invest in both large cap and mid cap companies. The Fund may also invest in other equity securities not included in the Index. Currently, many of the equity securities in the Fund's portfolio will be technology companies or companies that rely heavily on technological advances. The Fund will also purchase and sell exchange-traded put options and sell exchange-traded call options, employing an options overlay known as a "put/spread collar" strategy. The options may be based on the Index or on exchange-traded funds ("ETFs") that replicate the Index ("Nasdaq 100 ETFs"). The combination of the portfolio of equity securities, the downside hedge from long index put options, and the income from the short index call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. Specifically, the Fund seeks to provide a competitive risk-adjusted return over a full market cycle relative to the Index with lower volatility than traditional long-only equity strategies. The "put/spread collar" strategy is designed to provide a continuous market hedge for the portfolio (i.e., to minimize loss).

The Fund's combination of an equity portfolio, with the "put/spread collar" options overlay strategy is designed to provide greater market protection than other equity investments, but may not always do so, particularly in rising equity markets when the Fund may underperform traditional equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide market protection during times of low market volatility; during such periods, the Fund is expected to perform in line with broad equity markets. The Fund may use futures contracts, primarily futures on indices, to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund's portfolio if it is unable to purchase or write the necessary options for its overlay strategy.

The Fund is classified as a "non-diversified" fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), which means that it may invest more of its assets in fewer issuers than "diversified" mutual funds.

**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:

· *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.

· *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.

· *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.

· *Options risk –* If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount
of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium
paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount
of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium
received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be
highly volatile and the use of options can lower total returns.

· *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.

· *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.

· *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.

· *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.

· *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.

· *Non-diversification risk* **–** The Fund is non-diversified, as defined by the 1940 Act, and as such may invest in
the securities of a limited number of issuers and may invest a greater percentage of its assets in a particular issuer. Therefore, a decline
in the market price of a particular security held by the Fund may affect the Fund's performance more than if the Fund were a diversified
investment company.

· *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).

· *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.

· *Redemption risk* – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss
or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased
expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions,
and other transaction costs.

· *Data science investment approach risk* – The Fund relies on a proprietary data science enabled selection approach that
utilizes proprietary techniques to process, analyze, and combine a wide variety of information, including the adviser's multi-decade
history of proprietary fundamental research, company financial statements, and other relevant data sources, to forecast the financial
prospects of each security and to assess key risks. There is no guarantee that the use of the Fund's proprietary data science approach
will result in effective investment decisions for the Fund and, specifically to the extent the approach does not perform as designed or
as intended, the Fund's strategy may not be successfully implemented and the Fund may lose value.

<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 broad-based securities market indices 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.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2025:8.83)](image_001.jpg)

**Best Quarter (ended 6/30/2025):** 6.51%; **Worst Quarter (ended 3/31/2025):** -6.02%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2025:9.02)](image_002.jpg)

**Best Quarter (ended 6/30/2025):** 6.60%; **Worst Quarter (ended 3/31/2025):** -6.01%

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Fund (October 21, 2024)** |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund (Class A) | 8.83% | 10.01% |
| Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 17.80% | 15.30% |
| Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 20.75% |
| CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 11.68% |

---

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| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | |
| | **1 year** | **Life of Class (October 21, 2024)** |
| JNL/JPMorgan Nasdaq® Hedged Equity Fund (Class I) | 9.02% | 10.26% |
| Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes) | 17.80% | 15.30% |
| Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 20.75% |
| CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 11.68% |

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**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:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Hamilton Reiner | October 2024 | Managing Director, JPMorgan |
| Eric Moreau | October 2024 | Executive Director, JPMorgan |
| Matthew Bensen | October 2024 | Vice President, JPMorgan |
| Judith Jansen | October 2024 | Vice President, 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.