# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001999371-26-004777
**Filing Date:** 2026-3
**Character Count:** 1826130
**Document Hash:** 45cd8ad7241714a1022d44f81267682e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004777.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001999371-26-004777

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 275

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 26705529

**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/MFS MID CAP VALUE FUND (Series ID: S000001722)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004629 | JNL/MFS MID CAP VALUE FUND (A) |  |
| C000067963 | JNL/MFS MID CAP VALUE FUND (I) |  |

### JNL/William Blair International Leaders Fund (Series ID: S000001723)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004630 | JNL/William Blair International Leaders Fund (A) |  |
| C000067964 | JNL/William Blair International Leaders Fund (I) |  |

### JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (Series ID: S000001724)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004631 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (A) |  |
| C000067965 | JNL/CAUSEWAY INTERNATIONAL VALUE SELECT FUND (I) |  |

### JNL/MELLON S&P 500 INDEX FUND (Series ID: S000001727)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004634 | JNL/MELLON S&P 500 INDEX FUND (A) |  |
| C000067968 | JNL/MELLON S&P 500 INDEX FUND (I) |  |

### JNL/MELLON S&P 400 MIDCAP INDEX FUND (Series ID: S000001728)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004635 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (A) |  |
| C000067969 | JNL/MELLON S&P 400 MIDCAP INDEX FUND (I) |  |

### JNL/MELLON SMALL CAP INDEX FUND (Series ID: S000001729)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004636 | JNL/MELLON SMALL CAP INDEX FUND (A) |  |
| C000067970 | JNL/MELLON SMALL CAP INDEX FUND (I) |  |

### JNL/MELLON INTERNATIONAL INDEX FUND (Series ID: S000001730)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004637 | JNL/MELLON INTERNATIONAL INDEX FUND (A) |  |
| C000067971 | JNL/MELLON INTERNATIONAL INDEX FUND (I) |  |

### JNL/MELLON BOND INDEX FUND (Series ID: S000001731)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004638 | JNL/MELLON BOND INDEX FUND (A) |  |
| C000067972 | JNL/MELLON BOND INDEX FUND (I) |  |

### JNL/WMC GLOBAL REAL ESTATE FUND (Series ID: S000001732)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004639 | JNL/WMC GLOBAL REAL ESTATE FUND (A) |  |
| C000067973 | JNL/WMC GLOBAL REAL ESTATE FUND (I) |  |

### JNL/INVESCO GLOBAL GROWTH FUND (Series ID: S000001734)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000004641 | JNL/INVESCO GLOBAL GROWTH FUND (A) |  |
| C000067975 | JNL/INVESCO GLOBAL GROWTH FUND (I) |  |

### JNL/DOUBLELINE CORE FIXED INCOME FUND (Series ID: S000001736)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004643 | JNL/DOUBLELINE CORE FIXED INCOME FUND (A) |  |
| C000067976 | JNL/DOUBLELINE CORE FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA HIGH YIELD BOND FUND (Series ID: S000001740)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000004647 | JNL/PPM AMERICA HIGH YIELD BOND FUND (A) |  |
| C000067978 | JNL/PPM AMERICA HIGH YIELD BOND FUND (I) |  |

### JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (Series ID: S000001741)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004648 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (A) |  |
| C000067979 | JNL/FIDELITY INSTITUTIONAL ASSET MANAGEMENT TOTAL BOND FUND (I) |  |

### JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (Series ID: S000001742)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000004649 | JNL/JPMORGAN US GOVERNMENT & QUALITY BOND FUND (A)   |  |
| C000067980 | JNL/JPMORGAN U.S. GOVERNMENT & QUALITY BOND FUND (I) |  |

### JNL/INVESCO SMALL CAP GROWTH FUND (Series ID: S000001743)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000004650 | JNL/INVESCO SMALL CAP GROWTH FUND (A) |  |
| C000067981 | JNL/INVESCO SMALL CAP GROWTH FUND (I) |  |

### JNL/WMC BALANCED FUND (Series ID: S000001744)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000004651 | JNL/WMC BALANCED FUND (A) |  |
| C000067982 | JNL/WMC BALANCED FUND (I) |  |

### JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (Series ID: S000001746)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000004653 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (A) |  |
| C000067984 | JNL/BLACKROCK LARGE CAP SELECT GROWTH FUND (I) |  |

### JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (Series ID: S000001747)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000004654 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (A) |  |
| C000067985 | JNL/DREYFUS GOVERNMENT MONEY MARKET FUND (I) |  |

### JNL/WMC VALUE FUND (Series ID: S000001748)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000004655 | JNL/WMC VALUE FUND (A) |  |
| C000067986 | JNL/WMC VALUE FUND (I) |  |

### JNL/T. Rowe Price Growth Stock Fund (Series ID: S000001749)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004656 | JNL/T. Rowe Price Growth Stock Fund (A) |  |
| C000067987 | JNL/T. Rowe Price Growth Stock Fund (I) |  |

### JNL/T. ROWE PRICE MID-CAP GROWTH FUND (Series ID: S000001750)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004657 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (A) |  |
| C000067988 | JNL/T. ROWE PRICE MID-CAP GROWTH FUND (I) |  |

### JNL/T. ROWE PRICE VALUE FUND (Series ID: S000001751)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004658 | JNL/T. ROWE PRICE VALUE FUND (A) |  |
| C000067989 | JNL/T. ROWE PRICE VALUE FUND (I) |  |

### JNL/JPMorgan Managed Conservative Fund (Series ID: S000001752)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004659 | JNL/JPMorgan Managed Conservative Fund (A) |  |
| C000192197 | JNL/JPMorgan Managed Conservative Fund (I) |  |

### JNL/JPMorgan Managed Moderate Fund (Series ID: S000001753)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004660 | JNL/JPMorgan Managed Moderate Fund (A) |  |
| C000192198 | JNL/JPMorgan Managed Moderate Fund (I) |  |

### JNL/JPMorgan Managed Moderate Growth Fund (Series ID: S000001755)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000004662 | JNL/JPMorgan Managed Moderate Growth Fund (A) |  |
| C000192199 | JNL/JPMorgan Managed Moderate Growth Fund (I) |  |

### JNL/JPMorgan Managed Growth Fund (Series ID: S000001756)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004663 | JNL/JPMorgan Managed Growth Fund (A) |  |
| C000192200 | JNL/JPMorgan Managed Growth Fund (I) |  |

### JNL/JPMorgan Managed Aggressive Growth Fund (Series ID: S000001757)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004664 | JNL/JPMorgan Managed Aggressive Growth Fund (A) |  |
| C000192201 | JNL/JPMorgan Managed Aggressive Growth Fund (I) |  |

### JNL/DFA U.S. CORE EQUITY FUND (Series ID: S000001765)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000004672 | JNL/DFA U.S. CORE EQUITY FUND (A) |  |
| C000067990 | JNL/DFA U.S. CORE EQUITY FUND (I) |  |

### JNL Multi-Manager Small Cap Growth Fund (Series ID: S000001776)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004683 | JNL Multi-Manager Small Cap Growth Fund (A) |  |
| C000067991 | JNL Multi-Manager Small Cap Growth Fund (I) |  |

### JNL/AMERICAN FUNDS BALANCED FUND (Series ID: S000001787)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004694 | JNL/AMERICAN FUNDS BALANCED FUND (A) |  |
| C000067992 | JNL/AMERICAN FUNDS BALANCED FUND (I) |  |

### 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) |  |

### JNL MULTI-MANAGER SMALL CAP VALUE FUND (Series ID: S000001798)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004705 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (A) |  |
| C000067994 | JNL MULTI-MANAGER SMALL CAP VALUE FUND (I) |  |

### JNL/FRANKLIN TEMPLETON INCOME FUND (Series ID: S000010705)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000029596 | JNL/FRANKLIN TEMPLETON INCOME FUND (A) |  |
| C000067995 | JNL/FRANKLIN TEMPLETON INCOME FUND (I) |  |

### JNL/T. ROWE PRICE SHORT-TERM BOND FUND (Series ID: S000010707)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000029598 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (A) |  |
| C000067996 | JNL/T. ROWE PRICE SHORT-TERM BOND FUND (I) |  |

### JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (Series ID: S000010709)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000029600 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (A) |  |
| C000067997 | JNL MULTI-MANAGER EMERGING MARKETS EQUITY FUND (I) |  |

### JNL/PIMCO REAL RETURN FUND (Series ID: S000010711)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000029602 | JNL/PIMCO REAL RETURN FUND (A) |  |
| C000067998 | JNL/PIMCO REAL RETURN FUND (I) |  |

### JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (Series ID: S000014502)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000039480 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (A) |  |
| C000067999 | JNL/BLACKROCK GLOBAL NATURAL RESOURCES FUND (I) |  |

### JNL/JPMORGAN U.S. VALUE FUND (Series ID: S000014515)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000039493 | JNL/JPMORGAN U.S. VALUE FUND (A) |  |
| C000068003 | JNL/JPMORGAN U.S. VALUE FUND (I) |  |

### JNL MODERATE GROWTH ALLOCATION FUND (Series ID: S000014517)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000039495 | JNL MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192203 | JNL MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL GROWTH ALLOCATION FUND (Series ID: S000014518)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000039496 | JNL GROWTH ALLOCATION FUND (A) |  |
| C000192204 | JNL GROWTH ALLOCATION FUND (I) |  |

### JNL AGGRESSIVE GROWTH ALLOCATION FUND (Series ID: S000014519)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000039497 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (A) |  |
| C000192205 | JNL AGGRESSIVE GROWTH ALLOCATION FUND (I) |  |

### JNL/GOLDMAN SACHS 4 FUND (Series ID: S000019485)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000054128 | JNL/GOLDMAN SACHS 4 FUND (A) |  |
| C000192208 | JNL/GOLDMAN SACHS 4 FUND (I) |  |

### JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (Series ID: S000028038)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085345 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (A) |  |
| C000085346 | JNL/AMERICAN FUNDS WASHINGTON MUTUAL INVESTORS FUND (I) |  |

### JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (Series ID: S000028039)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000085347 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (A) |  |
| C000085348 | JNL/AMERICAN FUNDS CAPITAL WORLD BOND FUND (I) |  |

### JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (Series ID: S000028040)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000085349 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (A) |  |
| C000085350 | JNL/AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH-INCOME FUND (Series ID: S000028041)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085351 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (A) |  |
| C000085352 | JNL/AMERICAN FUNDS GROWTH-INCOME FUND (I) |  |

### JNL/AMERICAN FUNDS INTERNATIONAL FUND (Series ID: S000028042)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000085353 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (I) |  |
| C000085354 | JNL/AMERICAN FUNDS INTERNATIONAL FUND (A) |  |

### JNL/AMERICAN FUNDS NEW WORLD FUND (Series ID: S000028043)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000085355 | JNL/AMERICAN FUNDS NEW WORLD FUND (A) |  |
| C000085356 | JNL/AMERICAN FUNDS NEW WORLD FUND (I) |  |

### JNL/BLACKROCK GLOBAL ALLOCATION FUND (Series ID: S000029611)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000090917 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (A) |  |
| C000090918 | JNL/BLACKROCK GLOBAL ALLOCATION FUND (I) |  |

### JNL MULTI-MANAGER FLOATING RATE INCOME FUND (Series ID: S000030878)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000095821 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (A) |  |
| C000192211 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (I) |  |

### JNL/MELLON EMERGING MARKETS INDEX FUND (Series ID: S000033505)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000102953 | JNL/MELLON EMERGING MARKETS INDEX FUND (A) |  |
| C000102954 | JNL/MELLON EMERGING MARKETS INDEX FUND (I) |  |

### 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) |  |

### JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (Series ID: S000036378)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000111243 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (A) |  |
| C000192212 | JNL/AMERICAN FUNDS MODERATE GROWTH ALLOCATION FUND (I) |  |

### JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (Series ID: S000036379)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000111244 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (A) |  |
| C000192213 | JNL/AMERICAN FUNDS GROWTH ALLOCATION FUND (I) |  |

### JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (Series ID: S000036382)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000111249 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (A) |  |
| C000111250 | JNL/NEUBERGER BERMAN STRATEGIC INCOME FUND (I) |  |

### JNL/MELLON UTILITIES SECTOR FUND (Series ID: S000040007)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000124095 | JNL/MELLON UTILITIES SECTOR FUND (A) |  |
| C000124096 | JNL/MELLON UTILITIES SECTOR FUND (I) |  |

### JNL/JPMORGAN GLOBAL ALLOCATION FUND (Series ID: S000044434)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000138276 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (A) |  |
| C000138277 | JNL/JPMORGAN GLOBAL ALLOCATION FUND (I) |  |

### JNL/T. ROWE PRICE BALANCED FUND (Series ID: S000044437)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000138280 | JNL/T. ROWE PRICE BALANCED FUND (A) |  |
| C000192215 | JNL/T. ROWE PRICE BALANCED FUND (I) |  |

### JNL Multi-Manager Alternative Fund (Series ID: S000048717)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000153487 | JNL Multi-Manager Alternative Fund (A) |  |
| C000192217 | JNL Multi-Manager Alternative Fund (I) |  |

### JNL/Westchester Capital Event Driven Fund (Series ID: S000048720)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000153492 | JNL/Westchester Capital Event Driven Fund (A) |  |
| C000153493 | JNL/Westchester Capital Event Driven Fund (I) |  |

### JNL/DoubleLine Shiller Enhanced CAPE Fund (Series ID: S000050455)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000159263 | JNL/DoubleLine Shiller Enhanced CAPE Fund (A) |  |
| C000159264 | JNL/DoubleLine Shiller Enhanced CAPE Fund (I) |  |

### JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (Series ID: S000052994)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000166581 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (A) |  |
| C000192218 | JNL/T. ROWE PRICE U.S. HIGH YIELD FUND (I) |  |

### JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (Series ID: S000052995)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000166582 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (A) |  |
| C000192219 | JNL/DOUBLELINE EMERGING MARKETS FIXED INCOME FUND (I) |  |

### JNL/PPM AMERICA TOTAL RETURN FUND (Series ID: S000052996)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000166583 | JNL/PPM AMERICA TOTAL RETURN FUND (A) |  |
| C000192220 | JNL/PPM AMERICA TOTAL RETURN FUND (I) |  |

### JNL MULTI-MANAGER MID CAP FUND (Series ID: S000054971)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000172890 | JNL MULTI-MANAGER MID CAP FUND (A) |  |
| C000192221 | JNL MULTI-MANAGER MID CAP FUND (I) |  |

### JNL/Morningstar U.S. Sustainability Index Fund (Series ID: S000056619)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000179076 | JNL/Morningstar U.S. Sustainability Index Fund (A) |  |
| C000192222 | JNL/Morningstar U.S. Sustainability Index Fund (I) |  |

### JNL S&P 500 Index Fund (Series ID: S000058482)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000192047 | JNL S&P 500 Index Fund (I) |  |

### JNL/Mellon Consumers Staples Sector Fund (Series ID: S000058483)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000192048 | JNL/Mellon Consumers Staples Sector Fund (A) |  |
| C000192049 | JNL/Mellon Consumers Staples Sector Fund (I) |  |

### JNL/Mellon Materials Sector Fund (Series ID: S000058484)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000192050 | JNL/Mellon Materials Sector Fund (A) |  |
| C000192051 | JNL/Mellon Materials Sector Fund (I) |  |

### JNL/Mellon Industrials Sector Fund (Series ID: S000058485)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192052 | JNL/Mellon Industrials Sector Fund (A) |  |
| C000192053 | JNL/Mellon Industrials Sector Fund (I) |  |

### JNL/Mellon Real Estate Sector Fund (Series ID: S000058486)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000192054 | JNL/Mellon Real Estate Sector Fund (A) |  |
| C000192055 | JNL/Mellon Real Estate Sector Fund (I) |  |

### JNL/ClearBridge Large Cap Growth Fund (Series ID: S000058487)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192056 | JNL/ClearBridge Large Cap Growth Fund (A) |  |
| C000192057 | JNL/ClearBridge Large Cap Growth Fund (I) |  |

### JNL/GQG Emerging Markets Equity Fund (Series ID: S000058488)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000192058 | JNL/GQG Emerging Markets Equity Fund (A) |  |
| C000192059 | JNL/GQG Emerging Markets Equity Fund (I) |  |

### JNL/Invesco Diversified Dividend Fund (Series ID: S000058489)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192060 | JNL/Invesco Diversified Dividend Fund (A) |  |
| C000192061 | JNL/Invesco Diversified Dividend Fund (I) |  |

### JNL/PIMCO Income Fund (Series ID: S000058490)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000192062 | JNL/PIMCO Income Fund (A) |  |
| C000192063 | JNL/PIMCO Income Fund (I) |  |

### JNL/WMC Equity Income Fund (Series ID: S000058491)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000192064 | JNL/WMC Equity Income Fund (A) |  |
| C000192065 | JNL/WMC Equity Income Fund (I) |  |

### JNL/Vanguard Moderate ETF Allocation Fund (Series ID: S000058493)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000192068 | JNL/Vanguard Moderate ETF Allocation Fund (A) |  |
| C000192069 | JNL/Vanguard Moderate ETF Allocation Fund (I) |  |

### JNL/Mellon U.S. Stock Market Index Fund (Series ID: S000058496)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192074 | JNL/Mellon U.S. Stock Market Index Fund (I) |  |
| C000192075 | JNL/Mellon U.S. Stock Market Index Fund (A) |  |

### JNL/Vanguard Moderate Growth ETF Allocation Fund (Series ID: S000058498)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000192078 | JNL/Vanguard Moderate Growth ETF Allocation Fund (A) |  |
| C000192079 | JNL/Vanguard Moderate Growth ETF Allocation Fund (I) |  |

### JNL/Vanguard Growth ETF Allocation Fund (Series ID: S000058499)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000192080 | JNL/Vanguard Growth ETF Allocation Fund (A) |  |
| C000192081 | JNL/Vanguard Growth ETF Allocation Fund (I) |  |

### JNL/American Funds Capital Income Builder Fund (Series ID: S000062459)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202635 | JNL/American Funds Capital Income Builder Fund (A) |  |
| C000202636 | JNL/American Funds Capital Income Builder Fund (I) |  |

### JNL Multi-Manager International Small Cap Fund (Series ID: S000062460)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000202637 | JNL Multi-Manager International Small Cap Fund (A) |  |
| C000202638 | JNL Multi-Manager International Small Cap Fund (I) |  |

### JNL/Cohen & Steers U.S. Realty Fund (Series ID: S000062461)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000202639 | JNL/Cohen & Steers U.S. Realty Fund (A) |  |
| C000202640 | JNL/Cohen & Steers U.S. Realty Fund (I) |  |

### JNL/JPMorgan Hedged Equity Fund (Series ID: S000062462)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000202641 | JNL/JPMorgan Hedged Equity Fund (A) |  |
| C000202642 | JNL/JPMorgan Hedged Equity Fund (I) |  |

### JNL/Loomis Sayles Global Growth Fund (Series ID: S000062463)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202643 | JNL/Loomis Sayles Global Growth Fund (I) |  |
| C000202644 | JNL/Loomis Sayles Global Growth Fund (A) |  |

### JNL/Morningstar Wide Moat Index Fund (Series ID: S000062464)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000202645 | JNL/Morningstar Wide Moat Index Fund (A) |  |
| C000202646 | JNL/Morningstar Wide Moat Index Fund (I) |  |

### JNL/AQR Large Cap Defensive Style Fund (Series ID: S000064958)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210326 | JNL/AQR Large Cap Defensive Style Fund (I) |  |
| C000210327 | JNL/AQR Large Cap Defensive Style Fund (A) |  |

### JNL/DFA International Core Equity Fund (Series ID: S000064960)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210330 | JNL/DFA International Core Equity Fund (I) |  |
| C000210331 | JNL/DFA International Core Equity Fund (A) |  |

### JNL/RAFI Multi-Factor U.S. Equity Fund (Series ID: S000064961)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000210332 | JNL/RAFI Multi-Factor U.S. Equity Fund (I) |  |
| C000210333 | JNL/RAFI Multi-Factor U.S. Equity Fund (A) |  |

### JNL/RAFI Fundamental U.S. Small Cap Fund (Series ID: S000064962)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000210334 | JNL/RAFI Fundamental U.S. Small Cap Fund (A) |  |
| C000210335 | JNL/RAFI Fundamental U.S. Small Cap Fund (I) |  |

### JNL/Lord Abbett Short Duration Income Fund (Series ID: S000068109)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218176 | JNL/Lord Abbett Short Duration Income Fund (I) |  |
| C000218177 | JNL/Lord Abbett Short Duration Income Fund (A) |  |

### JNL/DFA U.S. Small Cap Fund (Series ID: S000068110)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218178 | JNL/DFA U.S. Small Cap Fund (A) |  |
| C000218179 | JNL/DFA U.S. Small Cap Fund (I) |  |

### JNL/DoubleLine Total Return Fund (Series ID: S000068111)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218180 | JNL/DoubleLine Total Return Fund (A) |  |
| C000218181 | JNL/DoubleLine Total Return Fund (I) |  |

### JNL/Lazard International Quality Growth Fund (Series ID: S000068112)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218182 | JNL/Lazard International Quality Growth Fund (A) |  |
| C000218183 | JNL/Lazard International Quality Growth Fund (I) |  |

### JNL/Neuberger Berman Commodity Strategy Fund (Series ID: S000068113)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218184 | JNL/Neuberger Berman Commodity Strategy Fund (I) |  |
| C000218185 | JNL/Neuberger Berman Commodity Strategy Fund (A) |  |

### JNL/PIMCO Investment Grade Credit Bond Fund (Series ID: S000068114)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218186 | JNL/PIMCO Investment Grade Credit Bond Fund (I) |  |
| C000218187 | JNL/PIMCO Investment Grade Credit Bond Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Fund (Series ID: S000068115)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000218188 | JNL/T. Rowe Price Capital Appreciation Fund (I) |  |
| C000218189 | JNL/T. Rowe Price Capital Appreciation Fund (A) |  |

### JNL/WCM Focused International Equity Fund (Series ID: S000068116)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218190 | JNL/WCM Focused International Equity Fund (I) |  |
| C000218191 | JNL/WCM Focused International Equity Fund (A) |  |

### JNL/Mellon Dow Index Fund (Series ID: S000068117)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000218192 | JNL/Mellon Dow Index Fund (I) |  |
| C000218193 | JNL/Mellon Dow Index Fund (A) |  |

### JNL/Mellon World Index Fund (Series ID: S000068118)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218194 | JNL/Mellon World Index Fund (I) |  |
| C000218195 | JNL/Mellon World Index Fund (A) |  |

### JNL/Mellon Nasdaq 100 Index Fund (Series ID: S000068119)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218196 | JNL/Mellon Nasdaq 100 Index Fund (I) |  |
| C000218197 | JNL/Mellon Nasdaq 100 Index Fund (A) |  |

### JNL Conservative Allocation Fund (Series ID: S000068120)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218198 | JNL Conservative Allocation Fund (A) |  |
| C000218199 | JNL Conservative Allocation Fund (I) |  |

### JNL/Mellon Communication Services Sector Fund (Series ID: S000068121)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218200 | JNL/Mellon Communication Services Sector Fund (I) |  |
| C000218201 | JNL/Mellon Communication Services Sector Fund (A) |  |

### JNL/Mellon Consumer Discretionary Sector Fund (Series ID: S000068122)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218202 | JNL/Mellon Consumer Discretionary Sector Fund (A) |  |
| C000218203 | JNL/Mellon Consumer Discretionary Sector Fund (I) |  |

### JNL/Mellon Energy Sector Fund (Series ID: S000068123)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218204 | JNL/Mellon Energy Sector Fund (A) |  |
| C000218205 | JNL/Mellon Energy Sector Fund (I) |  |

### JNL/Mellon Financial Sector Fund (Series ID: S000068124)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218206 | JNL/Mellon Financial Sector Fund (I) |  |
| C000218207 | JNL/Mellon Financial Sector Fund (A) |  |

### JNL/Mellon Healthcare Sector Fund (Series ID: S000068125)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000218208 | JNL/Mellon Healthcare Sector Fund (I) |  |
| C000218209 | JNL/Mellon Healthcare Sector Fund (A) |  |

### JNL/Mellon Information Technology Sector Fund (Series ID: S000068126)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218210 | JNL/Mellon Information Technology Sector Fund (A) |  |
| C000218211 | JNL/Mellon Information Technology Sector Fund (I) |  |

### JNL Moderate Allocation Fund (Series ID: S000068127)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000218212 | JNL Moderate Allocation Fund (A) |  |
| C000218213 | JNL Moderate Allocation Fund (I) |  |

### JNL Moderate ETF Allocation Fund (Series ID: S000068128)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000218214 | JNL Moderate ETF Allocation Fund (A) |  |
| C000218215 | JNL Moderate ETF Allocation Fund (I) |  |

### JNL Moderate Growth ETF Allocation Fund (Series ID: S000068129)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000218216 | JNL Moderate Growth ETF Allocation Fund (I) |  |
| C000218217 | JNL Moderate Growth ETF Allocation Fund (A) |  |

### JNL Growth ETF Allocation Fund (Series ID: S000068130)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218218 | JNL Growth ETF Allocation Fund (A) |  |
| C000218219 | JNL Growth ETF Allocation Fund (I) |  |

### JNL/Newton Equity Income Fund (Series ID: S000068131)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000218220 | JNL/Newton Equity Income Fund (A) |  |
| C000218221 | JNL/Newton Equity Income Fund (I) |  |

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

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

### JNL/American Funds Growth Fund (Series ID: S000068133)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000218224 | JNL/American Funds Growth Fund (I) |  |
| C000218225 | JNL/American Funds Growth Fund (A) |  |

### JNL Mid Cap Index Fund (Series ID: S000071119)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225785 | JNL Mid Cap Index Fund (I) |  |

### JNL Small Cap Index Fund (Series ID: S000071120)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000225786 | JNL Small Cap Index Fund (I) |  |

### JNL Bond Index Fund (Series ID: S000071121)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225787 | JNL Bond Index Fund (I) |  |

### JNL International Index Fund (Series ID: S000071122)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000225788 | JNL International Index Fund (I) |  |

### JNL Emerging Markets Index Fund (Series ID: S000071123)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000225789 | JNL Emerging Markets Index Fund (I) |  |

### JNL/American Funds Bond Fund of America Fund (Series ID: S000071126)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000225793 | JNL/American Funds Bond Fund of America Fund (I) |  |
| C000225794 | JNL/American Funds Bond Fund of America Fund (A) |  |

### JNL/Morningstar PitchBook Listed Private Equity Index Fund (Series ID: S000071127)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000225795 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (A) |  |
| C000225796 | JNL/Morningstar PitchBook Listed Private Equity Index Fund (I) |  |

### JNL/AB Sustainable Global Thematic Fund (Series ID: S000075429)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000234520 | JNL/AB Sustainable Global Thematic Fund (I) |  |
| C000234521 | JNL/AB Sustainable Global Thematic Fund (A) |  |

### JNL/Neuberger Berman Gold Plus Strategy Fund (Series ID: S000075430)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000234522 | JNL/Neuberger Berman Gold Plus Strategy Fund (I) |  |
| C000234523 | JNL/Neuberger Berman Gold Plus Strategy Fund (A) |  |

### JNL/WCM China Quality Growth Fund (Series ID: S000075431)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000234524 | JNL/WCM China Quality Growth Fund (I) |  |
| C000234525 | JNL/WCM China Quality Growth Fund (A) |  |

### JNL Multi-Manager U.S. Select Equity Fund (Series ID: S000078310)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000239073 | JNL Multi-Manager U.S. Select Equity Fund (A) |  |
| C000239074 | JNL Multi-Manager U.S. Select Equity Fund (I) |  |

### JNL/Morningstar SMID Moat Focus Index Fund (Series ID: S000084074)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248332 | JNL/Morningstar SMID Moat Focus Index Fund (I) |  |
| C000248333 | JNL/Morningstar SMID Moat Focus Index Fund (A) |  |

### JNL/PPM America Investment Grade Credit Fund (Series ID: S000084075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248334 | JNL/PPM America Investment Grade Credit Fund (I) |  |
| C000248335 | JNL/PPM America Investment Grade Credit Fund (A) |  |

### 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) |  |

### JNL/T. Rowe Price Capital Appreciation Equity Fund (Series ID: S000086556)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000252142 | JNL/T. Rowe Price Capital Appreciation Equity Fund (I) |  |
| C000252143 | JNL/T. Rowe Price Capital Appreciation Equity Fund (A) |  |

### 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) |  |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File number: 811-08894

**JNL Series Trust**

(Exact name of registrant as specified in charter)

**1 Corporate Way, Lansing, Michigan 48951**

(Address of principal executive offices)

**225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606**

(Mailing address)

**Andrew Tedeschi**

**Jackson National Asset Management, LLC**

**225 West Wacker Drive, Suite 1200**

**Chicago, Illinois 60606**

(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 338-5800

Date of Fiscal Year End: December 31

Date of Reporting Period: January 1, 2025 – December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

**Item 1. Report to Shareholders.**

---

| | |
|:---|:---|
| JNL/American Funds Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $98 | 0.91% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Balanced Fund outperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 15.48% for Class A shares compared to 13.70% for the Index.  |

---

The Fund seeks high total return (including income and capital gains) consistent with preservation of capital over the long-term through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Asset Allocation FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Balanced Fund**

![](img_e606fde4e2324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Balanced Fund (Class A) | 15.48% | 8.58% | 9.14% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Balanced Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3654468 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 72 |
| Total Advisory Fees Paid ($): | 7037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Bond Fund of America Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Bond Fund of America Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $87 | 0.84% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Bond Fund of America Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 6.77% for Class A shares compared to 7.30% for the Index.  |

---

The Fund ("Fund" or "Feeder Fund") seeks to provide as high a level of current income as is consistent with the preservation of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - The Bond Fund of America<sup>®</sup> ("Master Fund").The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Bond Fund of America Fund**

![](img_48b9ee82c5064.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL/American Funds Bond Fund of America Fund (Class A) | 6.77% | -0.15% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 0.14% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Bond Fund of America Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 501868 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 159 |
| Total Advisory Fees Paid ($): | 947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital Income Builder Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Capital Income Builder Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $104 | 0.95% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Capital Income Builder Fund outperformed the 70% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 30% Bloomberg U.S. Aggregate Index by posting a return of 19.86% for Class A shares compared to 17.66% for the Index.  |

---

The Fund seeks both to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years by investing through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital Income Builder FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Capital Income Builder Fund**

![](img_c84a54da3f624.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/American Funds Capital Income Builder Fund (Class A) | 19.86% | 8.63% | 7.77% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.41% |
| 70% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 30% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 17.66% | 7.73% | 8.75% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Capital Income Builder Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 560147 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 72 |
| Total Advisory Fees Paid ($): | 1388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital World Bond Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Capital World Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $110 | 1.05% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Capital World Bond Fund outperformed the Bloomberg Global Aggregate Index by posting a return of 8.93% for Class A shares compared to 8.17% for the Index.  |

---

The Fund seeks, over the long-term, a high level of total return consistent with prudent investment management through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital World Bond FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Capital World Bond Fund**

![](img_801a37b189584.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Capital World Bond Fund (Class A) | 8.93% | -2.84% | 0.90% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 8.17% | -2.15% | 1.26% |
| Consumer Price Index (reflects no deduction for fees, expenses, or taxes) | 2.68% | 4.46% | 3.20% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Capital World Bond Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 310806 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $118 | 1.07% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 21.20% for Class A shares compared to 22.23% for the Index.  |

---

The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Global Growth FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Global Growth Fund**

![](img_c7c70434fc464.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Global Growth Fund (Class A) | 21.20% | 7.84% | 11.82% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Global Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1131818 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 2603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective May 1, 2025, the Fund updated the allocation requirements for its permitted investments outside the United States through its master fund, the American Funds Insurance Series<sup>®</sup> - Global Growth FundSM (the "Master Fund"). As a result, under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States, and that percentage will represent at least (a) 40% of the Master Fund's net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies domiciled outside of the United States minus 5%, whichever is lower. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Small Capitalization Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Global Small Capitalization Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $132 | 1.23% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Global Small Capitalization Fund underperformed the Morningstar<sup>®</sup> Global Small Cap Target Market Exposure IndexSM (Net) by posting a return of 14.20% for Class A shares compared to 19.96% for the Index.  |

---

The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Global Small Capitalization FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Global Small Capitalization Fund**

![](img_d6da8f40af844.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Global Small Capitalization Fund (Class A) | 14.20% | 0.15% | 6.89% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Global Small Cap Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 19.96% | 6.65% | 8.93% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Global Small Capitalization Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 601723 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 1067 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund updated the definition for "small market capitalization" companies in which its master fund, the American Funds Insurance Series<sup>®</sup> - Global Small Capitalization FundSM ("Master Fund") invests, as companies with market capitalizations within or below the capitalization range of companies included in the MSCI All Country World Small Cap Index or the Russell 2000 Index, measured based on the maximum market capitalization of companies in either index within the last 12 months (previously defined as companies with market capitalizations of $6 billion or less). As part of this change, the market capitalization of the companies included in the MSCI ACWI Small Cap Index and the Russell 2000 Index will change with market conditions, and the Master Fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. As a result, the Master Fund's holdings of small capitalization stocks are no longer permitted to fall below the Fund's non-fundamental 80% investment policy due to subsequent market action.<br>Effective May 1, 2025, the Fund updated the allocation requirements for investments outside the United States through its master fund, the American Funds Insurance Series<sup>®</sup> - Global Small Capitalization FundSM ("Master Fund"). As a result, under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States, and that percentage will represent at least (a) 40% of the Master Fund's net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies domiciled outside of the United States minus 5%, whichever is lower.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $99 | 0.90% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth Fund outperformed the S&P 500 Index by posting a return of 19.87% for Class A shares compared to 17.88% for the Index.  |

---

The Fund seeks growth of capital through exclusive investment in Class 1 shares of American Funds Insurance Series<sup>®</sup> - Growth FundSM (the "Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth Fund**

![](img_2bd649582e1e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Growth Fund (Class A) | 19.87% | 13.03% | 17.58% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 8783613 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 12791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth-Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Growth-Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $99 | 0.91% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth-Income Fund underperformed the S&P 500 Index by posting a return of 17.64% for Class A shares compared to 17.88% for the Index.  |

---

The Fund seeks long-term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Growth Income FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth-Income Fund**

![](img_1ccf1755b7a64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Growth-Income Fund (Class A) | 17.64% | 13.48% | 13.48% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Growth-Income Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 12552007 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 28805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds International Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds International Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $132 | 1.17% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds International Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 26.25% for Class A shares compared to 31.87% for the Index.  |

---

The Fund seeks long-term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – International FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds International Fund**

![](img_5fbb01efd8344.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds International Fund (Class A) | 26.25% | 3.00% | 6.58% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds International Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1451411 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 63 |
| Total Advisory Fees Paid ($): | 3225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds New World Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds New World Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $145 | 1.27% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds New World Fund outperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 27.74% for Class A shares compared to 22.23% for the Index.  |

---

The Fund seeks long-term capital appreciation through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – New World FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds New World Fund**

![](img_0f3642b8976c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds New World Fund (Class A) | 27.74% | 4.86% | 8.80% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds New World Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1500016 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 3994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to primarily invest in common stocks of companies with significant exposure to developing countries through its master fund, the American Funds Insurance Series<sup>®</sup> - New World Fund<sup>®</sup> ("Master Fund"). As part of this change, the Master Fund may invest in equity securities of any company, regardless of where it is domiciled (including developed countries), if the Master Fund's investment adviser determines that a significant portion of the company's assets or revenues (generally 20% or more) is attributable to developing countries, the Master Fund will invest at least 35% of its assets in equity and debt securities of issuers domiciled in qualified developing countries, and in determining whether a country is a developed country or a developing country, the Master Fund's investment adviser may consider whether the country is designated as a developed market by MSCI Inc. As a result, the Master Fund no longer invests, to a limited extent, in securities of issuers based in non-qualified countries.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Washington Mutual Investors Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Washington Mutual Investors Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $100 | 0.92% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Washington Mutual Investors Fund underperformed the S&P 500 Index by posting a return of 16.75% for Class A shares compared to 17.88% for the Index.  |

---

The Fund ("Feeder Fund") seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the shares of the American Funds Insurance Series<sup>®</sup> - Washington Mutual Investors FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Washington Mutual Investors Fund**

![](img_7bd7b5d380f84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Washington Mutual Investors Fund (Class A) | 16.75% | 13.43% | 11.95% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Washington Mutual Investors Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4267177 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 10682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Bond Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Bond Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $59 | 0.57% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Bond Index Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 6.67% for Class A shares compared to 7.30% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide a moderate rate of income by investing in domestic fixed-income investments through exclusive investment in shares of the JNL Bond Index Fund ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Bond Index Fund**

![](img_1ffb967ea91b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Bond Index Fund (Class A) | 6.67% | -0.95% | 1.41% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Bond Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1027661 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 88 |
| Total Advisory Fees Paid ($): | 937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Emerging Markets Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Emerging Markets Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $85 | 0.74% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Emerging Markets Index Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 30.92% for Class A shares compared to 31.62% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Morningstar Emerging Markets Target Market Exposure Index (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets through exclusive investment in shares of the JNL Emerging Markets Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Emerging Markets Index Fund**

![](img_1808d84799d14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Emerging Markets Index Fund (Class A) | 30.92% | 3.38% | 7.55% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 8.77% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Emerging Markets Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 926838 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon International Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon International Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $71 | 0.61% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon International Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) by posting a return of 31.50% for Class A shares compared to 31.61% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in international equity securities through exclusive investment in shares of the JNL International Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon International Index Fund**

![](img_dcba085683dd4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon International Index Fund (Class A) | 31.50% | 8.50% | 7.85% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.61% | 9.00% | 8.27% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon International Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3072894 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Baillie Gifford International Growth Fund, was merged into the Fund and shareholders of the JNL/Baillie Gifford International Growth Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 400 MidCap Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 400 MidCap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $58 | 0.56% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon S&P 400 MidCap Index Fund underperformed the S&P MidCap 400<sup>®</sup> Index by posting a return of 6.90% for Class A shares compared to 7.50% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in equity securities of medium capitalization-weighted domestic corporations through exclusive investment in shares of the JNL Mid Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon S&P 400 MidCap Index Fund**

![](img_cfd897e5b3544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon S&P 400 MidCap Index Fund (Class A) | 6.90% | 8.53% | 10.13% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| S&P MidCap 400<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 7.50% | 9.12% | 10.72% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon S&P 400 MidCap Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3241636 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Small Cap Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Small Cap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class A | $58 | 0.56% |

---

<br> <sup>(a)</sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Small Cap Index Fund underperformed the S&P SmallCap 600<sup>®</sup> Index by posting a return of 5.57% for Class A shares compared to 6.02% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies through exclusive investment in shares of the JNL Small Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Small Cap Index Fund**

![](img_b1167e1ebbb14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Small Cap Index Fund (Class A) | 5.57% | 6.74% | 9.27% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| S&P SmallCap 600<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 6.02% | 7.31% | 9.81% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Small Cap Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2349803 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 36 |
| Total Advisory Fees Paid ($): | 1492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Aggressive Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Aggressive Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $49 | 0.45% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Aggressive Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.62% for Class A shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Aggressive Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.62% for Class A shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Aggressive Growth Allocation Fund**

![](img_25973f8b06304.jpg)

<br> JNL Aggressive Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Aggressive Growth Allocation Fund (Class A) | 15.62% | 7.24% | 9.35% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 20.43% | 9.59% | 10.89% |
| 90% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 20.70% | 10.04% | 10.78% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1456499 |
| Number of Investments: | 23 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 1409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 56.6 |
| International Equity | 21.7 |
| Emerging Markets Equity | 9.3 |
| Global Equity | 6.4 |
| Alternative | 3.1 |
| Domestic Fixed Income | 2.9 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Conservative Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Conservative Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.48% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Conservative Allocation Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.29% for Class A shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Conservative Allocation Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.29% for Class A shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/DoubleLine Total Return Fund  |
| JNL/PIMCO Income Fund  |
| JNL/Fidelity Institutional Asset Management Total Bond Fund  |
| Top Detractor(s)  |
| JNL/Morningstar Wide Moat Index Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Conservative Allocation Fund**

![](img_c52ae38b86f04.jpg)

<br> JNL Conservative Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Conservative Allocation Fund (Class A) | 9.29% | 2.57% | 4.13% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.40% | 1.81% | 3.98% |
| 20% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 80% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 10.22% | 1.94% | 4.02% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 574820 |
| Number of Investments: | 25 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 59.9 |
| Alternative | 12.3 |
| Domestic Equity | 9.9 |
| Domestic Balanced | 6.0 |
| Emerging Markets Fixed Income | 5.0 |
| International Equity | 3.8 |
| Emerging Markets Equity | 3.1 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 14.81% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 14.81% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/WCM Focused International Equity Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| Top Detractor(s)  |
| JNL/JPMorgan MidCap Growth Fund  |
| Foreign Currency  |
| Foreign Currency  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Growth Allocation Fund**

![](img_02cdc537a73f4.jpg)

<br> JNL Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Growth Allocation Fund (Class A) | 14.81% | 6.38% | 8.47% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 9.59% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2804646 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 24 |
| Total Advisory Fees Paid ($): | 2525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 47.9 |
| International Equity | 19.0 |
| Domestic Fixed Income | 10.9 |
| Alternative | 8.5 |
| Emerging Markets Equity | 8.0 |
| Global Equity | 4.7 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Moderate Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.45% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 10.75% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Moderate Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 10.75% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/T. Rowe Price Capital Appreciation Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Allocation Fund**

![](img_8166754cf65e4.jpg)

<br> JNL Moderate Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Moderate Allocation Fund (Class A) | 10.75% | 4.10% | 5.68% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 6.10% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 6.01% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1856390 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 1763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 40.1 |
| Domestic Equity | 21.1 |
| Alternative | 12.5 |
| International Equity | 9.6 |
| Domestic Balanced | 5.7 |
| Emerging Markets Equity | 4.0 |
| Emerging Markets Fixed Income | 4.0 |
| Global Equity | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Moderate Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.62% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Moderate Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.62% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/WCM Focused International Equity Fund  |
| Top Detractor(s)  |
| JNL/JPMorgan MidCap Growth Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Growth Allocation Fund**

![](img_426b9033099c4.jpg)

<br> JNL Moderate Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Moderate Growth Allocation Fund (Class A) | 12.62% | 5.36% | 7.22% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.83% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.95% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3399610 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 3008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.5 |
| Domestic Fixed Income | 26.4 |
| International Equity | 13.7 |
| Alternative | 11.6 |
| Emerging Markets Equity | 5.3 |
| Global Equity | 4.0 |
| Emerging Markets Fixed Income | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Aggressive Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Aggressive Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Aggressive Growth Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 14.72% for Class A shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Aggressive Growth Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 14.72% for Class A shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/WCM Focused International Equity Fund  |
| JNL/T. Rowe Price Value Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Aggressive Growth Fund**

![](img_c2e7ccc53f7d4.jpg)

<br> JNL/JPMorgan Managed Aggressive Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Managed Aggressive Growth Fund (Class A) | 14.72% | 7.60% | 10.35% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 20.43% | 9.59% | 10.89% |
| 63% S&P 500 Index, 27% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 20.48% | 11.54% | 11.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2081850 |
| Number of Investments: | 29 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 62.6 |
| International Equity | 21.9 |
| Emerging Markets Equity | 5.5 |
| Domestic Fixed Income | 5.1 |
| Alternative | 4.9 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Conservative Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Conservative Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $48 | 0.46% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Conservative Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.28% for Class A shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Conservative Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.28% for Class A shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/DoubleLine Total Return Fund  |
| JNL/DoubleLine Core Fixed Income Fund  |
| JNL/Causeway International Value Select Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Conservative Fund**

![](img_ead175f721b64.jpg)

<br> JNL/JPMorgan Managed Conservative Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Managed Conservative Fund (Class A) | 9.28% | 1.92% | 3.83% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.40% | 1.81% | 3.98% |
| 80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 10.13% | 2.28% | 4.27% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 639499 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 67.6 |
| Domestic Equity | 14.3 |
| Alternative | 8.1 |
| International Equity | 4.6 |
| Global Fixed Income | 4.2 |
| Emerging Markets Equity | 1.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Growth Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 13.92% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Growth Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 13.92% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/T. Rowe Price Established Growth Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Growth Fund**

![](img_c030adfc1a944.jpg)

<br> JNL/JPMorgan Managed Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Managed Growth Fund (Class A) | 13.92% | 6.76% | 9.47% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 9.59% |
| 56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 18.98% | 10.21% | 10.79% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3938546 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 55.7 |
| International Equity | 19.6 |
| Domestic Fixed Income | 15.0 |
| Alternative | 4.9 |
| Emerging Markets Equity | 4.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 10.83% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 10.83% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/William Blair International Leaders Fund  |
| JNL/DoubleLine Total Return Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Moderate Fund**

![](img_8dcc68b442e74.jpg)

<br> JNL/JPMorgan Managed Moderate Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Managed Moderate Fund (Class A) | 10.83% | 3.48% | 5.67% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 6.10% |
| 60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 13.07% | 4.90% | 6.46% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1598398 |
| Number of Investments: | 36 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 49.9 |
| Domestic Equity | 27.9 |
| International Equity | 9.6 |
| Alternative | 7.1 |
| Global Fixed Income | 3.0 |
| Emerging Markets Equity | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.44% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Growth Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.26% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Growth Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.26% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/T. Rowe Price Established Growth Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Moderate Growth Fund**

![](img_2dc9d01fcc794.jpg)

<br> JNL/JPMorgan Managed Moderate Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Managed Moderate Growth Fund (Class A) | 12.26% | 5.13% | 7.50% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.83% |
| 42% S&P 500 Index, 18% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.01% | 7.55% | 8.65% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3583104 |
| Number of Investments: | 34 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 3069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.8 |
| Domestic Fixed Income | 33.0 |
| International Equity | 14.7 |
| Alternative | 7.0 |
| Emerging Markets Equity | 3.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.63% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 18.49% for Class A shares compared to 18.45% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 18.49% for Class A shares compared to 18.45% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds EuroPacific Growth Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth Allocation Fund**

![](img_9485d10c062b4.jpg)

<br> JNL/American Funds Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Growth Allocation Fund (Class A) | 18.49% | 7.52% | 10.07% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 9.59% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4320084 |
| Number of Investments: | 16 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 7248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.6 |
| International Equity | 16.2 |
| Domestic Fixed Income | 15.8 |
| Global Equity | 13.2 |
| Emerging Markets Equity | 6.8 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to no longer maintain a portfolio of intermediate duration within investment grade debt and to update the range of securities markets exposure for the securities issued by companies located in countries outside the United States in which some of the Fund's diversified group of other funds ("Underlying Funds") may invest. As a result, some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States that include a range of developing (previously developed) and emerging market countries, and the Fund's investment adviser, Jackson National Asset Management, LLC, no longer seeks to maintain a portfolio of intermediate duration within investment grade debt. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Moderate Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 13.14% for Class A shares compared to 12.87% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Moderate Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 13.14% for Class A shares compared to 12.87% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds Insurance Series - Washington Mutual Investors Fund  |
| Top Detractor(s)  |
| American Funds SMALLCAP World Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Moderate Allocation Fund**

![](img_9997ea13a8404.jpg)

<br> JNL/American Funds Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
| 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<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 8.66% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 9.33% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 64307 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 53.9 |
| Domestic Equity | 23.6 |
| International Equity | 7.8 |
| Global Equity | 6.8 |
| Emerging Markets Fixed Income | 4.5 |
| Emerging Markets Equity | 3.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Moderate Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 16.29% for Class A shares compared to 15.95% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Moderate Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 16.29% for Class A shares compared to 15.95% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds EuroPacific Growth Fund  |
| Top Detractor(s)  |
| American Funds SMALLCAP World Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Moderate Growth Allocation Fund**

![](img_ebd88b024e6e4.jpg)

<br> JNL/American Funds Moderate Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Moderate Growth Allocation Fund (Class A) | 16.29% | 5.73% | 8.10% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.83% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.95% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2480758 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 4521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.3 |
| Domestic Fixed Income | 32.8 |
| International Equity | 12.3 |
| Global Equity | 10.2 |
| Emerging Markets Equity | 5.4 |
| Emerging Markets Fixed Income | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to no longer maintain a portfolio of intermediate duration within investment grade debt and to update the range of securities markets exposure for the securities issued by companies located in countries outside the United States in which some of the Fund's diversified group of other funds ("Underlying Funds") may invest. As a result, some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States that include a range of developing (previously developed) and emerging market countries, and the Fund's investment adviser, Jackson National Asset Management, LLC, no longer seeks to maintain a portfolio of intermediate duration within investment grade debt. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.64% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.64% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to emerging markets equities which rose on multiple expansion and earnings growth |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core MSCI EAFE ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| iShares Core S&P 500 ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Growth ETF Allocation Fund**

![](img_ae07671931fc4.jpg)

<br> JNL Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Growth ETF Allocation Fund (Class A) | 16.64% | 7.58% | 8.76% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 9.59% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 407345 |
| Number of Investments: | 23 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 747 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 53.1 |
| International Equity | 17.6 |
| Domestic Fixed Income | 14.6 |
| Emerging Markets Equity | 10.2 |
| Securities Lending Collateral | 6.2 |
| Global Equity | 3.1 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 106.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Moderate ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Moderate ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.18% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.18% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core U.S. Aggregate Bond ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| iShares Core S&P 500 ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |
| Foreign Currency  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate ETF Allocation Fund**

![](img_2930fd33bcec4.jpg)

<br> JNL Moderate ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Moderate ETF Allocation Fund (Class A) | 12.18% | 4.18% | 5.44% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 6.10% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 6.01% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 227118 |
| Number of Investments: | 25 |
| Portfolio Turnover (%): | 55 |
| Total Advisory Fees Paid ($): | 417 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 51.3 |
| Domestic Equity | 30.3 |
| International Equity | 8.6 |
| Securities Lending Collateral | 7.0 |
| Emerging Markets Equity | 6.3 |
| Emerging Markets Fixed Income | 3.5 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 107.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Moderate Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.60% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.60% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core S&P 500 ETF  |
| iShares Core MSCI EAFE ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Growth ETF Allocation Fund**

![](img_f29a28334a044.jpg)

<br> JNL Moderate Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Moderate Growth ETF Allocation Fund (Class A) | 14.60% | 5.90% | 7.22% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.83% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.95% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 357957 |
| Number of Investments: | 26 |
| Portfolio Turnover (%): | 60 |
| Total Advisory Fees Paid ($): | 673 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.5 |
| Domestic Fixed Income | 32.4 |
| International Equity | 13.6 |
| Emerging Markets Equity | 8.3 |
| Securities Lending Collateral | 6.9 |
| Emerging Markets Fixed Income | 2.2 |
| Global Equity | 2.1 |
| Short Term Investments | 0.0 |
| **Total Net Assets** | 107.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Vanguard Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.06% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.06% for Class A shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to emerging markets equities which rose on multiple expansion and earnings growth |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Growth ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Growth ETF Allocation Fund**

![](img_96afb616c1484.jpg)

<br> JNL/Vanguard Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Growth ETF Allocation Fund (Class A) | 16.06% | 7.18% | 8.13% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2121839 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 3867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 58.1 |
| International Equity | 18.2 |
| Domestic Fixed Income | 14.8 |
| Emerging Markets Equity | 7.2 |
| Securities Lending Collateral | 3.7 |
| Emerging Markets Fixed Income | 1.7 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 103.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.75% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.75% for Class A shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Mortgage-Backed Securities ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Moderate ETF Allocation Fund**

![](img_783d98bfbc514.jpg)

<br> JNL/Vanguard Moderate ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Moderate ETF Allocation Fund (Class A) | 11.75% | 3.80% | 4.97% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 5.60% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 5.64% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 574178 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 1121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 50.8 |
| Domestic Equity | 33.6 |
| International Equity | 7.8 |
| Securities Lending Collateral | 7.6 |
| Emerging Markets Fixed Income | 4.0 |
| Emerging Markets Equity | 3.9 |
| Short Term Investments | 0.0 |
| **Total Net Assets** | 107.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.14% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.14% for Class A shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Growth ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Moderate Growth ETF Allocation Fund**

![](img_eda71411e1664.jpg)

<br> JNL/Vanguard Moderate Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Moderate Growth ETF Allocation Fund (Class A) | 14.14% | 5.56% | 6.59% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.53% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 987699 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.9 |
| Domestic Fixed Income | 31.4 |
| International Equity | 13.4 |
| Emerging Markets Equity | 5.4 |
| Emerging Markets Fixed Income | 2.9 |
| Securities Lending Collateral | 2.5 |
| Short Term Investments | 0.2 |
| **Total Net Assets** | 102.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Alternative Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Alternative Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $228 | 2.18% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Alternative Fund outperformed the Wilshire Liquid Alternative IndexSM by posting a return of 9.53% for Class A shares compared to 6.04% for the Index. The outperformance was driven by positive selection within the private fund, relative value, and event driven sleeves. | For the year ended December 31, 2025, JNL Multi-Manager Alternative Fund outperformed the Wilshire Liquid Alternative IndexSM by posting a return of 9.53% for Class A shares compared to 6.04% for the Index. The outperformance was driven by positive selection within the private fund, relative value, and event driven sleeves. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to private equity |
| ⬥ | exposure to convertible arbitrage strategies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to long/short equity strategies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| WCM Partners Fund  |
| Alphabet Inc.  |
| Western Digital Corporation  |
| Top Detractor(s)  |
| Seagate Technology Holdings Public Limited Company  |
| Western Digital Corporation  |
| Lumentum Holdings Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Alternative Fund**

![](img_85a41d8099c84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Alternative Fund (Class A) | 9.53% | 4.22% | 4.14% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Wilshire Liquid Alternative IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.04% | 3.06% | 2.79% |
| Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL Multi-Manager Alternative Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 962546 |
| Number of Investments: | 1230 |
| Portfolio Turnover (%): | 165 |
| Total Advisory Fees Paid ($): | 9914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Other Short Term Investments | 28.3 |
| Information Technology | 17.0 |
| Communication Services | 13.2 |
| Financials | 12.4 |
| Private Investment Funds | 11.8 |
| Health Care | 8.6 |
| Industrials | 8.0 |
| Non-U.S. Government Agency ABS | 7.9 |
| Consumer Discretionary | 7.8 |
| U.S. Government Agency MBS | 4.7 |
| Other Sectors | 10.5 |
| **Total Net Assets** | 130.2 |
| **Short Investments** | **Short Investments** |
| Information Technology | (11.1) |
| Investment Companies | (6.0) |
| Consumer Discretionary | (3.4) |
| Derivative Instruments | (2.4) |
| Industrials | (2.3) |
| Health Care | (1.5) |
| Government Securities | (1.3) |
| Financials | (1.1) |
| Materials | (0.5) |
| Communication Services | (0.4) |
| Other Sectors | (0.4) |
| **Total Net Assets** | **(30.4)** |

---

---

| | |
|:---|:---|
| **How has the fund changed?** | **How has the fund changed?** |
| Effective from March 10, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived a varying portion of the Fund's management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Effective April 28, 2025, the Fund's investment adviser converted the temporary management fee waiver to a contractual management fee waiver. As a result, 0.08% of advisory fees were waived during the period and none of the waived management fees can be recaptured by the investment adviser. | Effective from March 10, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived a varying portion of the Fund's management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Effective April 28, 2025, the Fund's investment adviser converted the temporary management fee waiver to a contractual management fee waiver. As a result, 0.08% of advisory fees were waived during the period and none of the waived management fees can be recaptured by the investment adviser. |
| Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Boston Partners Global Investors, Inc. ("Boston Partners") to limit the sub-investment advisory services provided by Boston Partners to certain securities that were issued by or that provide exposure to Russian companies. As a result, it is contemplated that the duration of Boston Partners' involvement in managing these investments will be for however long it takes the Fund to exit such investments. <br>Effective June 5, 2025, the Fund changed its principal investment strategy to permit investments in other funds, which will be primarily in private funds or other pooled investment vehicles that would qualify as "investment companies" under the Investment Company Act of 1940, as amended (the "1940 Act"), but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds"). As a result, the Fund's investment adviser, Jackson National Asset Management, LLC, may allocate up to 10% of the Fund's total assets in Private Funds. In connection with this change, the Fund revised its principal risks to list "private funds risk" and "valuation risk" as principal risks associated with investing in the Fund. | Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Boston Partners Global Investors, Inc. ("Boston Partners") to limit the sub-investment advisory services provided by Boston Partners to certain securities that were issued by or that provide exposure to Russian companies. As a result, it is contemplated that the duration of Boston Partners' involvement in managing these investments will be for however long it takes the Fund to exit such investments. <br>Effective June 5, 2025, the Fund changed its principal investment strategy to permit investments in other funds, which will be primarily in private funds or other pooled investment vehicles that would qualify as "investment companies" under the Investment Company Act of 1940, as amended (the "1940 Act"), but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds"). As a result, the Fund's investment adviser, Jackson National Asset Management, LLC, may allocate up to 10% of the Fund's total assets in Private Funds. In connection with this change, the Fund revised its principal risks to list "private funds risk" and "valuation risk" as principal risks associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. | This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** | **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: | Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus | ![](img_01ce380295fa4.jpg) |
| ⬥ Statement of Additional Information | ![](img_01ce380295fa4.jpg) |
| ⬥ Financial information | ![](img_01ce380295fa4.jpg) |
| ⬥ Holdings | ![](img_01ce380295fa4.jpg) |
| ⬥ Proxy voting information | ![](img_01ce380295fa4.jpg) |
| If you have questions regarding electronic delivery, please scan the QR code. | ![](img_01ce380295fa4.jpg) |

---

---

| | |
|:---|:---|
| JNL Multi-Manager Emerging Markets Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Emerging Markets Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $137 | 1.22% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) by posting a return of 24.27% for Class A shares compared to 29.76% for the Index. Fund underperformance was driven by an underweight to Asian technology stocks and selection within the communication services sector.  | For the year ended December 31, 2025, JNL Multi-Manager Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) by posting a return of 24.27% for Class A shares compared to 29.76% for the Index. Fund underperformance was driven by an underweight to Asian technology stocks and selection within the communication services sector.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to China, Taiwan and Hong Kong equities |
| ⬥ | exposure to Brazilian equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indonesian equities |
| ⬥ | exposure to consumer services |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| SK Hynix Inc.  |
| Samsung Electronics Co., Ltd.  |
| Top Detractor(s)  |
| Computer Age Management Services Private Limited  |
| Oracle Financial Services Software Limited  |
| PT. Bank Central Asia Tbk  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Emerging Markets Equity Fund**

![](img_c0879b91d0a14.jpg)

<br> JNL Multi-Manager Emerging Markets Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Emerging Markets Equity Fund (Class A) | 24.27% | 1.67% | 5.73% |
| Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 29.76% | 4.76% | 8.66% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1404165 |
| Number of Investments: | 262 |
| Portfolio Turnover (%): | 60 |
| Total Advisory Fees Paid ($): | 9332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 24.5 |
| Information Technology | 18.5 |
| Industrials | 15.1 |
| Consumer Discretionary | 9.8 |
| Communication Services | 6.9 |
| Materials | 5.4 |
| Consumer Staples | 5.2 |
| Utilities | 3.8 |
| Energy | 3.6 |
| Other Short Term Investments | 2.7 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 100.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Floating Rate Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Floating Rate Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $96 | 0.94% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Floating Rate Income Fund underperformed the Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM by posting a return of 3.83% for Class A shares compared to 5.90% for the Index. Fund underperformance was driven primarily by negative loan selection within producer manufacturing and process industries. | For the year ended December 31, 2025, JNL Multi-Manager Floating Rate Income Fund underperformed the Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM by posting a return of 3.83% for Class A shares compared to 5.90% for the Index. Fund underperformance was driven primarily by negative loan selection within producer manufacturing and process industries. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to broadly syndicated loans, which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to single-B rated broadly syndicated loans |
| ⬥ | moderate exposure to high yield corporate bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to auto part broadly syndicated loans |
| ⬥ | exposure to container/packaging broadly syndicated loans |
| ⬥ | exposure to specialty chemical broadly syndicated loans |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Kleopatra Finco S.a r.l.  |
| Altice France S.A.  |
| Allen Media, LLC  |
| Top Detractor(s)  |
| First Brands Group, LLC  |
| Klockner-Pentaplast of America, Inc.  |
| First Brands Group, LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Floating Rate Income Fund**

![](img_f22073c7814c4.jpg)

<br> JNL Multi-Manager Floating Rate Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Floating Rate Income Fund (Class A) | 3.83% | 4.67% | 4.29% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM (reflects no deduction for fees, expenses, or taxes) | 5.90% | 6.42% | 5.83% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 927011 |
| Number of Investments: | 807 |
| Portfolio Turnover (%): | 52 |
| Total Advisory Fees Paid ($): | 4775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 26.0 |
| Information Technology | 15.7 |
| Communication Services | 12.2 |
| Financials | 11.0 |
| Consumer Discretionary | 9.8 |
| Health Care | 6.0 |
| Other Short Term Investments | 4.9 |
| Energy | 3.7 |
| Consumer Staples | 3.5 |
| Materials | 3.5 |
| Other Sectors | 3.7 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "distressed debt risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager International Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager International Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $135 | 1.20% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager International Small Cap Fund underperformed the Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) by posting a return of 25.49% for Class A shares compared to 30.29% for the Index. The primary driver of underperformance was an overweight to communication services companies and negative selection within Japanese equities. | For the year ended December 31, 2025, JNL Multi-Manager International Small Cap Fund underperformed the Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) by posting a return of 25.49% for Class A shares compared to 30.29% for the Index. The primary driver of underperformance was an overweight to communication services companies and negative selection within Japanese equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to paper & plastic packaging products & materials |
| ⬥ | exposure to Indian equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indian equities |
| ⬥ | exposure to Swedish companies |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Celestica Inc.  |
| Unipol Gruppo S.p.A.  |
| Exosens  |
| Top Detractor(s)  |
| Docebo Canada Inc.  |
| Trustpilot Group PLC  |
| Soitec  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager International Small Cap Fund**

![](img_a6ac74e4fffc4.jpg)

<br> JNL Multi-Manager International Small Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL Multi-Manager International Small Cap Fund (Class A) | 25.49% | 5.35% | 8.49% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.10% |
| Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 30.29% | 6.18% | 6.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 695479 |
| Number of Investments: | 238 |
| Portfolio Turnover (%): | 116 |
| Total Advisory Fees Paid ($): | 4985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.9 |
| Financials | 14.2 |
| Information Technology | 13.4 |
| Materials | 10.1 |
| Consumer Discretionary | 9.6 |
| Communication Services | 7.7 |
| Health Care | 6.1 |
| Utilities | 3.6 |
| Consumer Staples | 3.5 |
| Real Estate | 3.2 |
| Other Sectors | 5.9 |
| **Total Net Assets** | 101.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.4) |
| **Total Net Assets** | **(0.4)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective August 28, 2025, Baillie Gifford Overseas Limited ("BGO") was terminated as investment sub-adviser to a strategy of the Fund. In connection with this change, effective from May 22, 2025 to August 28, 2025, the Fund's investment adviser voluntarily waived 0.01% of the Fund's management fee, an amount equivalent to the sub-advisory fees attributable to BGO during that time period. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Mid Cap Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Mid Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $108 | 1.07% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Mid Cap Fund underperformed the Morningstar<sup>®</sup> US Mid Cap IndexSM by posting a return of 1.83% for Class A shares compared to 10.12% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, including communication services, financials, consumer discretionary, information technology and industrials.  | For the year ended December 31, 2025, JNL Multi-Manager Mid Cap Fund underperformed the Morningstar<sup>®</sup> US Mid Cap IndexSM by posting a return of 1.83% for Class A shares compared to 10.12% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, including communication services, financials, consumer discretionary, information technology and industrials.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Amphenol Corporation  |
| Cloudflare, Inc.  |
| Celsius Holdings, Inc.  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Freshpet, Inc.  |
| Gartner, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Mid Cap Fund**

![](img_9a336301b2224.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 19, 2016) |
| JNL Multi-Manager Mid Cap Fund (Class A) | 1.83% | 4.90% | 8.80% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.69% |
| Morningstar<sup>®</sup> US Mid Cap IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.12% | 8.91% | 11.52% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL Multi-Manager Mid Cap Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1154431 |
| Number of Investments: | 231 |
| Portfolio Turnover (%): | 85 |
| Total Advisory Fees Paid ($): | 7499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 21.4 |
| Financials | 16.0 |
| Information Technology | 14.9 |
| Health Care | 12.7 |
| Consumer Discretionary | 12.6 |
| Consumer Staples | 7.0 |
| Materials | 3.9 |
| Communication Services | 3.0 |
| Real Estate | 3.0 |
| Other Short Term Investments | 1.9 |
| Other Sectors | 3.6 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective June 5, 2025, River Road Asset Management, LLC ("River Road") was appointed as investment sub-adviser to a new strategy of the Fund (the "River Road Strategy"). In connection with the appointment of River Road as sub-adviser, the Fund's principal investment strategy changed to include the River Road Strategy and investments in real estate investment trusts ("REITs"). As a result of these changes, the Fund revised its principal risks to list "managed portfolio risk" and "REIT investment risk" as principal risks associated with investing in the Fund.  |
| Effective July 1, 2025, the Fund's investment adviser voluntarily waived 0.025% of management fees on the Fund's net assets up to $1 billion and 0.020% on net assets over $1 billion, and the Fund's management fee rate and total expense ratio each decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.<br>Effective August 28, 2025, Nuance Investments, LLC was terminated as investment sub-adviser to a strategy of the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $99 | 0.97% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 3.56% for Class A shares compared to 13.12% for the Index. Fund underperformance was driven primarily by negative stock selection within the information technology, industrial and financial sectors. | For the year ended December 31, 2025, JNL Multi-Manager Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 3.56% for Class A shares compared to 13.12% for the Index. Fund underperformance was driven primarily by negative stock selection within the information technology, industrial and financial sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to consumer discretionary distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Karman Holdings Inc.  |
| Exact Sciences Corporation  |
| Mercury Systems, Inc.  |
| Top Detractor(s)  |
| Freshpet, Inc.  |
| Inspire Medical Systems, Inc.  |
| AAON, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Small Cap Growth Fund**

![](img_94d7e77c44e84.jpg)

<br> JNL Multi-Manager Small Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Small Cap Growth Fund (Class A) | 3.56% | -1.29% | 9.41% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.12% | 4.22% | 9.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2205955 |
| Number of Investments: | 448 |
| Portfolio Turnover (%): | 78 |
| Total Advisory Fees Paid ($): | 12883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 26.0 |
| Information Technology | 21.8 |
| Health Care | 20.6 |
| Consumer Discretionary | 11.8 |
| Financials | 8.8 |
| Consumer Staples | 3.0 |
| Communication Services | 2.1 |
| Other Short Term Investments | 1.9 |
| Energy | 1.6 |
| Securities Lending Collateral | 1.5 |
| Other Sectors | 2.5 |
| **Total Net Assets** | 101.6 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to BAMCO, Inc. ("BAMCO") (the "Baron Strategy"), to eliminate restrictions on equity securities of U.S. small-sized growth companies, in which the Baron Strategy primarily invests, that limited such securities to being in the form of common stock and long-term investments. As a result, under normal circumstances, BAMCO constructs the Baron Strategy by investing primarily in equity securities of U.S. small-sized growth companies. <br>Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Granahan Investment Management, LLC ("GIM") (the "GIM Strategy") to eliminate GIM's blended Small Cap Advantage strategy within the overall GIM Strategy. As part of this change, the Small Cap Discoveries strategy, one of the two unique strategies blended within the Small Cap Advantage strategy was also eliminated. As a result, GIM constructs the GIM Strategy by blending their Small Cap Focused Growth strategy and their Small Cap Select strategy. |
| Effective August 28, 2025, Victory Capital Management Inc. was terminated as investment sub-adviser to a strategy of the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Value Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $108 | 1.07% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Small Cap Value Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM by posting a return of 2.69% for Class A shares compared to 10.48% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, with financials, health care, consumer discretionary, industrials and real estate sectors being the leading detractors.  | For the year ended December 31, 2025, JNL Multi-Manager Small Cap Value Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM by posting a return of 2.69% for Class A shares compared to 10.48% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, with financials, health care, consumer discretionary, industrials and real estate sectors being the leading detractors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to food beverage & tobacco |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Modine Manufacturing Company  |
| Hecla Mining Company  |
| Silicon Motion, Inc.  |
| Top Detractor(s)  |
| Insperity, Inc.  |
| Atlas Energy Solutions Inc.  |
| American Woodmark Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Small Cap Value Fund**

![](img_fb7aad473e354.jpg)

<br> JNL Multi-Manager Small Cap Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Small Cap Value Fund (Class A) | 2.69% | 8.00% | 8.59% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.48% | 10.32% | 9.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1719984 |
| Number of Investments: | 275 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 11785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 24.1 |
| Financials | 22.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 11.2 |
| Information Technology | 11.0 |
| Materials | 4.5 |
| Real Estate | 3.6 |
| Energy | 3.1 |
| Consumer Staples | 3.0 |
| Utilities | 2.6 |
| Other Sectors | 4.0 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager U.S. Select Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL Multi-Manager U.S. Select Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 0.98% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager U.S. Select Equity Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 16.02% for Class A shares compared to 17.80% for the Index. The underperformance was primarily driven by an underweight to information technology and overweights to consumer staples and utilities. | For the year ended December 31, 2025, JNL Multi-Manager U.S. Select Equity Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 16.02% for Class A shares compared to 17.80% for the Index. The underperformance was primarily driven by an underweight to information technology and overweights to consumer staples and utilities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to software and services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to energy companies |
| ⬥ | exposure to consumer staples distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| AppLovin Corporation  |
| Robinhood Markets, Inc.  |
| Siemens Energy AG  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Freshpet, Inc.  |
| Datadog, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager U.S. Select Equity Fund**

![](img_257024b5015a4.jpg)

<br> JNL Multi-Manager U.S. Select Equity Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (November 15, 2022) |
| JNL Multi-Manager U.S. Select Equity Fund (Class A) | 16.02% | 22.42% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 21.02% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1394091 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 107 |
| Total Advisory Fees Paid ($): | 6491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 17.7 |
| Financials | 15.7 |
| Health Care | 13.8 |
| Industrials | 12.0 |
| Consumer Staples | 9.5 |
| Consumer Discretionary | 7.9 |
| Utilities | 7.4 |
| Communication Services | 6.2 |
| Real Estate | 3.0 |
| Energy | 2.7 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| Effective August 29, 2025, River Road Asset Management, LLC ("River Road") was appointed as investment sub-adviser to a new strategy of the Fund (the "River Road Strategy"). In connection with the appointment of River Road as sub-adviser, the Fund's principal investment strategy changed to include the River Road Strategy and investments in real estate investment trusts ("REITs") and publicly traded partnerships, including but not limited to, master limited partnerships. As a result of these changes, the Fund revised its principal risks to list "REIT investment risk" and "master limited partnership risk" as principal risks associated with investing in the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/AB Sustainable Global Thematic Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/AB Sustainable Global Thematic Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $121 | 1.18% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/AB Sustainable Global Thematic Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 5.93% for Class A shares compared to 22.23% for the Index. The underperformance was driven by negative stock selection in health care and software. | For the year ended December 31, 2025, JNL/AB Sustainable Global Thematic Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 5.93% for Class A shares compared to 22.23% for the Index. The underperformance was driven by negative stock selection in health care and software. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Cameco Corporation  |
| Flex Ltd.  |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP  |
| Top Detractor(s)  |
| Fiserv, Inc.  |
| Becton, Dickinson and Company  |
| Primo Water Holdings LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/AB Sustainable Global Thematic Fund**

![](img_3d73dd98f4354.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/AB Sustainable Global Thematic Fund (Class A) | 5.93% | 5.40% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/AB Sustainable Global Thematic Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 27097 |
| Number of Investments: | 107 |
| Portfolio Turnover (%): | 76 |
| Total Advisory Fees Paid ($): | 157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 35.5 |
| Derivative Instruments | 26.5 |
| Industrials | 18.7 |
| Financials | 14.7 |
| Health Care | 12.7 |
| Other Short Term Investments | 5.2 |
| Utilities | 5.2 |
| Consumer Discretionary | 2.2 |
| Consumer Staples | 1.9 |
| Communication Services | 1.4 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 126.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (22.6) |
| **Total Net Assets** | **(22.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/AQR Large Cap Defensive Style Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/AQR Large Cap Defensive Style Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $91 | 0.85% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/AQR Large Cap Defensive Style Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 13.05% for Class A shares compared to 17.80% for the Index. The underperformance was primarily driven by a general underweight to mega-cap information technology stocks.  | For the year ended December 31, 2025, JNL/AQR Large Cap Defensive Style Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 13.05% for Class A shares compared to 17.80% for the Index. The underperformance was primarily driven by a general underweight to mega-cap information technology stocks.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to communication services companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| General Electric Company  |
| Arista Networks, Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Deckers Outdoor Corporation  |
| Veeva Systems Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/AQR Large Cap Defensive Style Fund**

![](img_ff28dd4297ea4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (June 24, 2019) |
| JNL/AQR Large Cap Defensive Style Fund (Class A) | 13.05% | 9.96% | 10.54% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 15.48% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/AQR Large Cap Defensive Style Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 414043 |
| Number of Investments: | 132 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 15.7 |
| Consumer Staples | 14.9 |
| Health Care | 14.4 |
| Financials | 12.7 |
| Industrials | 12.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 9.2 |
| Energy | 5.3 |
| Other Short Term Investments | 4.4 |
| Derivative Instruments | 4.0 |
| Other Sectors | 1.3 |
| **Total Net Assets** | 103.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $113 | 1.03% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Global Allocation Fund outperformed the 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index by posting a return of 18.76% for Class A shares compared to 17.78% for the Index. The outperformance was primarily driven by an overweight to equities, an allocation to precious metals, and positive effects from futures contracts. | For the year ended December 31, 2025, JNL/BlackRock Global Allocation Fund outperformed the 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index by posting a return of 18.76% for Class A shares compared to 17.78% for the Index. The outperformance was primarily driven by an overweight to equities, an allocation to precious metals, and positive effects from futures contracts. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps and futures |
| ⬥ | exposure to total return swap agreements |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| SPDR Gold Shares  |
| NVIDIA Corporation  |
| Top Detractor(s)  |
| Ziggo Bond Company B.V.  |
| Futures Contract  |
| ETSY, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Global Allocation Fund**

![](img_eeb2b057faac4.jpg)

<br> JNL/BlackRock Global Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Global Allocation Fund (Class A) | 18.76% | 6.07% | 7.47% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 12.11% |
| 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 17.78% | 6.68% | 8.09% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2608478 |
| Number of Investments: | 2606 |
| Portfolio Turnover (%): | 135 |
| Total Advisory Fees Paid ($): | 15078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 113.8 |
| Information Technology | 18.2 |
| Financials | 12.4 |
| Consumer Discretionary | 9.2 |
| Industrials | 8.8 |
| Communication Services | 7.9 |
| Other Short Term Investments | 7.7 |
| Health Care | 7.4 |
| Non-U.S. Government Agency ABS | 6.2 |
| Consumer Staples | 3.9 |
| Other Sectors | 17.6 |
| **Total Net Assets** | 213.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (83.6) |
| **Total Net Assets** | **(83.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Natural Resources Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Natural Resources Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $115 | 1.00% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Global Natural Resources Fund outperformed the S&P Global Natural Resources Index (Net) by posting a return of 29.78% for Class A shares compared to 28.86% for the Index. The outperformance was primarily driven by an overweight allocation to gold and positive stock selection. | For the year ended December 31, 2025, JNL/BlackRock Global Natural Resources Fund outperformed the S&P Global Natural Resources Index (Net) by posting a return of 29.78% for Class A shares compared to 28.86% for the Index. The outperformance was primarily driven by an overweight allocation to gold and positive stock selection. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold miners |
| ⬥ | exposure to integrated oil companies |
| ⬥ | exposure to steel |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to paper & plastic packaging products & materials |
| ⬥ | exposure to coal & consumable fuels |
| ⬥ | exposure to specialty chemicals |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Wheaton Precious Metals Corp.  |
| Newmont Corporation  |
| Barrick Gold Corporation  |
| Top Detractor(s)  |
| Smurfit Westrock PLC  |
| BP P.L.C.  |
| Graphic Packaging Holding Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Global Natural Resources Fund**

![](img_bab3001de3974.jpg)

<br> JNL/BlackRock Global Natural Resources Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Global Natural Resources Fund (Class A) | 29.78% | 13.60% | 8.69% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| S&P Global Natural Resources Index (Net) (reflects no deduction for fees, expenses, or taxes) | 28.86% | 10.61% | 10.38% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 745192 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 94 |
| Total Advisory Fees Paid ($): | 3949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 66.1 |
| Energy | 27.1 |
| Other Short Term Investments | 3.7 |
| Securities Lending Collateral | 3.1 |
| Consumer Staples | 2.0 |
| Industrials | 1.3 |
| **Total Net Assets** | 103.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Large Cap Select Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/BlackRock Large Cap Select Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $88 | 0.83% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Large Cap Select Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 11.41% for Class A shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in industrials and communication services. | For the year ended December 31, 2025, JNL/BlackRock Large Cap Select Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 11.41% for Class A shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in industrials and communication services. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Broadcom Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| Apple Inc.  |
| Salesforce, Inc.  |
| The Trade Desk, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Large Cap Select Growth Fund**

![](img_c59edf8b57264.jpg)

<br> JNL/BlackRock Large Cap Select Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Large Cap Select Growth Fund (Class A) | 11.41% | 10.41% | 15.18% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 16.49% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4412917 |
| Number of Investments: | 38 |
| Portfolio Turnover (%): | 63 |
| Total Advisory Fees Paid ($): | 19462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 55.1 |
| Communication Services | 11.6 |
| Consumer Discretionary | 11.4 |
| Health Care | 7.9 |
| Industrials | 6.3 |
| Financials | 3.9 |
| Other Short Term Investments | 2.0 |
| Consumer Staples | 0.9 |
| Materials | 0.5 |
| Energy | 0.5 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Causeway International Value Select Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Causeway International Value Select Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $117 | 0.96% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Causeway International Value Select Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) by posting a return of 43.10% for Class A shares compared to 41.10% for the Index. The outperformance was primarily driven by positive stock selection in financials and information technology and an underweight to energy.  | For the year ended December 31, 2025, JNL/Causeway International Value Select Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) by posting a return of 43.10% for Class A shares compared to 41.10% for the Index. The outperformance was primarily driven by positive stock selection in financials and information technology and an underweight to energy.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to U.K. companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Danish companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to consumer staples distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Rolls-Royce PLC  |
| Samsung Electronics Co., Ltd.  |
| Barclays PLC  |
| Top Detractor(s)  |
| Diageo PLC  |
| Novo Nordisk A/S  |
| Societe d'exploitation Hoteliere  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Causeway International Value Select Fund**

![](img_cfefc3ecac664.jpg)

<br> JNL/Causeway International Value Select Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Causeway International Value Select Fund (Class A) | 43.10% | 14.12% | 9.96% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.61% | 9.00% | 8.27% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 41.10% | 13.23% | 8.73% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2790722 |
| Number of Investments: | 62 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 11923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.2 |
| Industrials | 17.2 |
| Information Technology | 13.9 |
| Health Care | 13.2 |
| Consumer Staples | 9.2 |
| Consumer Discretionary | 9.1 |
| Materials | 5.6 |
| Communication Services | 4.3 |
| Utilities | 3.2 |
| Other Short Term Investments | 1.9 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/ClearBridge Large Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/ClearBridge Large Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.94% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/ClearBridge Large Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 9.05% for Class A shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in information technology and health care. | For the year ended December 31, 2025, JNL/ClearBridge Large Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 9.05% for Class A shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in information technology and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to mid-cap companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| Oracle Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/ClearBridge Large Cap Growth Fund**

![](img_37dadd66ccf94.jpg)

<br> JNL/ClearBridge Large Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/ClearBridge Large Cap Growth Fund (Class A) | 9.05% | 10.46% | 14.48% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 17.09% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1376178 |
| Number of Investments: | 42 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 7364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 45.9 |
| Consumer Discretionary | 13.2 |
| Communication Services | 12.1 |
| Industrials | 8.4 |
| Health Care | 7.6 |
| Financials | 7.3 |
| Materials | 2.8 |
| Consumer Staples | 1.2 |
| Other Short Term Investments | 0.8 |
| Real Estate | 0.6 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Cohen & Steers U.S. Realty Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Cohen & Steers U.S. Realty Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $107 | 1.06% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Cohen & Steers U.S. Realty Fund underperformed the Morningstar<sup>®</sup> US REIT IndexSM by posting a return of 2.79% for Class A shares compared to 2.80% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  | For the year ended December 31, 2025, JNL/Cohen & Steers U.S. Realty Fund underperformed the Morningstar<sup>®</sup> US REIT IndexSM by posting a return of 2.79% for Class A shares compared to 2.80% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to health care REITs |
| ⬥ | exposure to industrial REITs |
| ⬥ | exposure to retail REITs |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to data center REITs |
| ⬥ | exposure to multi-family residential REITs |
| ⬥ | exposure to self-storage REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| ProLogis Inc.  |
| PACS Group, Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| Iron Mountain Incorporated  |
| Digital Realty Trust, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Cohen & Steers U.S. Realty Fund**

![](img_e9ca61d10ed54.jpg)

<br> JNL/Cohen & Steers U.S. Realty Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Cohen & Steers U.S. Realty Fund (Class A) | 2.79% | 4.73% | 4.87% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.44% |
| Morningstar<sup>®</sup> US REIT IndexSM (reflects no deduction for fees, expenses, or taxes) | 2.80% | 4.81% | 5.34% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 79736 |
| Number of Investments: | 42 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.4 |
| Consumer Discretionary | 1.4 |
| Health Care | 0.8 |
| Securities Lending Collateral | 0.7 |
| Other Short Term Investments | 0.6 |
| Warrants | 0.3 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DFA International Core Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DFA International Core Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $107 | 0.91% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA International Core Equity Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) by posting a return of 35.29% for Class A shares compared to 31.95% for the Index. The outperformance was primarily driven by positive stock selection in financials, Japan, and Canada. | For the year ended December 31, 2025, JNL/DFA International Core Equity Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) by posting a return of 35.29% for Class A shares compared to 31.95% for the Index. The outperformance was primarily driven by positive stock selection in financials, Japan, and Canada. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to Japanese equities |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to Swiss companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Rheinmetall Aktiengesellschaft  |
| Kinross Gold Corporation  |
| UniCredit S.p.A.  |
| Top Detractor(s)  |
| Novo Nordisk A/S  |
| Pandora A/S  |
| Wolters Kluwer N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA International Core Equity Fund**

![](img_382a9265ebbc4.jpg)

<br> JNL/DFA International Core Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (June 24, 2019) |
| JNL/DFA International Core Equity Fund (Class A) | 35.29% | 9.74% | 9.82% |
| Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.95% | 9.51% | 9.73% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 630781 |
| Number of Investments: | 1102 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 2112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.4 |
| Industrials | 19.9 |
| Materials | 11.4 |
| Consumer Discretionary | 10.6 |
| Health Care | 7.8 |
| Energy | 6.1 |
| Consumer Staples | 5.9 |
| Information Technology | 5.8 |
| Communication Services | 4.6 |
| Utilities | 4.0 |
| Other Sectors | 5.4 |
| **Total Net Assets** | 101.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Core Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Core Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $86 | 0.80% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA U.S. Core Equity Fund underperformed the Morningstar<sup>®</sup> US Market Extended IndexSM by posting a return of 15.09% for Class A shares compared to 17.21% for the Index. The underperformance was primarily driven by an underweight to U.S. large cap growth companies. | For the year ended December 31, 2025, JNL/DFA U.S. Core Equity Fund underperformed the Morningstar<sup>®</sup> US Market Extended IndexSM by posting a return of 15.09% for Class A shares compared to 17.21% for the Index. The underperformance was primarily driven by an underweight to U.S. large cap growth companies. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to real estate companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. large growth companies |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to capital goods companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Accenture Public Limited Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA U.S. Core Equity Fund**

![](img_038bebd5c2f14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DFA U.S. Core Equity Fund (Class A) | 15.09% | 12.66% | 13.16% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/DFA U.S. Core Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1290796 |
| Number of Investments: | 2087 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 5080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.7 |
| Financials | 16.3 |
| Industrials | 12.0 |
| Consumer Discretionary | 10.4 |
| Communication Services | 9.4 |
| Health Care | 9.2 |
| Consumer Staples | 4.9 |
| Energy | 4.2 |
| Materials | 2.9 |
| Utilities | 2.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $102 | 0.99% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA U.S. Small Cap Fund underperformed the Morningstar<sup>®</sup> US Small Cap Extended IndexSM by posting a return of 7.01% for Class A shares compared to 11.86% for the Index. The underperformance was primarily driven by negative stock selection in information technology, industrials, and health care. | For the year ended December 31, 2025, JNL/DFA U.S. Small Cap Fund underperformed the Morningstar<sup>®</sup> US Small Cap Extended IndexSM by posting a return of 7.01% for Class A shares compared to 11.86% for the Index. The underperformance was primarily driven by negative stock selection in information technology, industrials, and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to energy companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to industrial companies |
| ⬥ | exposure to health care companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Bloom Energy Corporation  |
| Hecla Mining Company  |
| Fabrinet  |
| Top Detractor(s)  |
| Bellring Brands, LLC  |
| Globant S.A.  |
| Freshpet, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA U.S. Small Cap Fund**

![](img_006f5057a3c24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DFA U.S. Small Cap Fund (Class A) | 7.01% | 8.45% | 9.52% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 11.86% | 6.94% | 9.67% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/DFA U.S. Small Cap Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 707906 |
| Number of Investments: | 1968 |
| Portfolio Turnover (%): | 20 |
| Total Advisory Fees Paid ($): | 3483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.6 |
| Financials | 20.4 |
| Consumer Discretionary | 14.1 |
| Health Care | 12.0 |
| Information Technology | 11.1 |
| Materials | 5.6 |
| Energy | 5.1 |
| Consumer Staples | 4.3 |
| Utilities | 3.0 |
| Communication Services | 2.7 |
| Other Sectors | 2.4 |
| **Total Net Assets** | 101.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Core Fixed Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DoubleLine Core Fixed Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $81 | 0.78% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Core Fixed Income Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.18% for Class A shares compared to 7.30% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  | For the year ended December 31, 2025, JNL/DoubleLine Core Fixed Income Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.18% for Class A shares compared to 7.30% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to U.S. Treasury Bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Japanese Government Bonds |
| ⬥ | exposure to emerging market energy corporates |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Bond, United States Department of  |
| Treasury Bond, United States Department of  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Core Fixed Income Fund**

![](img_9b4903f179484.jpg)

<br> JNL/DoubleLine Core Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DoubleLine Core Fixed Income Fund (Class A) | 7.18% | 0.07% | 2.05% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2549644 |
| Number of Investments: | 1588 |
| Portfolio Turnover (%): | 41 |
| Total Advisory Fees Paid ($): | 9851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 71.6 |
| Government Securities | 26.8 |
| U.S. Government Agency MBS | 23.4 |
| Non-U.S. Government Agency ABS | 20.7 |
| Financials | 5.4 |
| Utilities | 4.2 |
| Industrials | 3.9 |
| Information Technology | 2.4 |
| Energy | 2.2 |
| Consumer Discretionary | 1.9 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 171.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (10.7) |
| **Total Net Assets** | **(10.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Emerging Markets Fixed Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DoubleLine Emerging Markets Fixed Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $113 | 1.08% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Emerging Markets Fixed Income Fund underperformed the Bloomberg EM USD Aggregate Index by posting a return of 8.52% for Class A shares compared to 11.11% for the Index. The underperformance was driven by the Fund's underweight to high yield emerging market sovereign bonds and selection within the energy sector.  | For the year ended December 31, 2025, JNL/DoubleLine Emerging Markets Fixed Income Fund underperformed the Bloomberg EM USD Aggregate Index by posting a return of 8.52% for Class A shares compared to 11.11% for the Index. The underperformance was driven by the Fund's underweight to high yield emerging market sovereign bonds and selection within the energy sector.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to emerging markets corporate bonds |
| ⬥ | exposure to emerging markets sovereign bonds |
| ⬥ | exposure to Mexican corporate and sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to emerging market energy corporates |
| ⬥ | exposure to Paraguay consumer non-durable corporate bonds |
| ⬥ | exposure to Brazilian retail corporate bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ecopetrol S.A.  |
| Departamento Administrativo De La Presidencia De La Republica  |
| Petroleos Mexicanos  |
| Top Detractor(s)  |
| Canacol Energy Ltd.  |
| Empresa Electrica Cochrane SpA  |
| Frigorifico Concepcion S.A.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Emerging Markets Fixed Income Fund**

![](img_6a76b4b4eff54.jpg)

<br> JNL/DoubleLine Emerging Markets Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (April 25, 2016) |
| JNL/DoubleLine Emerging Markets Fixed Income Fund (Class A) | 8.52% | 1.66% | 3.25% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 8.17% | -2.15% | 0.72% |
| Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 11.11% | 1.49% | 3.70% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 346116 |
| Number of Investments: | 144 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.9 |
| Energy | 15.2 |
| Utilities | 15.0 |
| Materials | 12.9 |
| Consumer Staples | 9.3 |
| Government Securities | 9.2 |
| Industrials | 8.2 |
| Other Short Term Investments | 4.9 |
| Consumer Discretionary | 1.6 |
| Real Estate | 1.3 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 98.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Shiller Enhanced CAPE Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DoubleLine Shiller Enhanced CAPE Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $102 | 0.98% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Shiller Enhanced CAPE Fund underperformed the S&P 500 Index by posting a return of 8.98% for Class A shares compared to 17.88% for the Index. The underperformance was primarily driven by sector overweights to the real estate and materials sectors and information technology sector underweight. | For the year ended December 31, 2025, JNL/DoubleLine Shiller Enhanced CAPE Fund underperformed the S&P 500 Index by posting a return of 8.98% for Class A shares compared to 17.88% for the Index. The underperformance was primarily driven by sector overweights to the real estate and materials sectors and information technology sector underweight. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to chemical companies |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to containers & packaging  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| Top Detractor(s)  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| HGI CRE CLO 2021-FL2, Ltd.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Shiller Enhanced CAPE Fund**

![](img_dd4a615ba7314.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DoubleLine Shiller Enhanced CAPE Fund (Class A) | 8.98% | 8.23% | 12.17% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/DoubleLine Shiller Enhanced CAPE Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1419184 |
| Number of Investments: | 642 |
| Portfolio Turnover (%): | 47 |
| Total Advisory Fees Paid ($): | 8134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 100.8 |
| Non-U.S. Government Agency ABS | 43.4 |
| Government Securities | 24.8 |
| Other Short Term Investments | 8.9 |
| U.S. Government Agency MBS | 5.2 |
| Financials | 4.9 |
| Industrials | 2.9 |
| Utilities | 2.2 |
| Information Technology | 1.7 |
| Energy | 1.6 |
| Other Sectors | 4.6 |
| **Total Net Assets** | 201.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Total Return Fund |  |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/DoubleLine Total Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $86 | 0.83% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Total Return Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.59% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to securitized sectors, such as Mortgages and Asset-Backed Securities.  | For the year ended December 31, 2025, JNL/DoubleLine Total Return Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.59% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to securitized sectors, such as Mortgages and Asset-Backed Securities.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to non-agency mortgage backed securities |
| ⬥ | exposure to commercial mortgage backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. Treasury Bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Federal National Mortgage Association, Inc.  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Total Return Fund**

![](img_ee702ef787ed4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DoubleLine Total Return Fund (Class A) | 7.59% | 0.09% | 1.65% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

JNL/DoubleLine Total Return Fund<br>

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1788823 |
| Number of Investments: | 481 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 7930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 70.0 |
| U.S. Government Agency MBS | 55.4 |
| Non-U.S. Government Agency ABS | 40.7 |
| Other Short Term Investments | 2.2 |
| Government Securities | 1.0 |
| **Total Net Assets** | 169.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.4) |
| **Total Net Assets** | **(4.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Dreyfus Government Money Market Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Dreyfus Government Money Market Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $57 | 0.56% |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2402918 |
| Number of Investments: | 113 |
| Total Advisory Fees Paid ($): | 3958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 54.8 |
| Repurchase Agreements | 45.0 |
| Discount Notes | 1.1 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Fidelity Institutional Asset Management Total Bond Fund |  |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Fidelity Institutional Asset Management Total Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $80 | 0.77% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Fidelity Institutional Asset Management Total Bond Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.49% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven by its allocation to the US high yield corporate, bank loan and emerging market debt fixed income sectors. | For the year ended December 31, 2025, JNL/Fidelity Institutional Asset Management Total Bond Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.49% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven by its allocation to the US high yield corporate, bank loan and emerging market debt fixed income sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. Treasury Bonds |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to agency mortgage-backed securities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Top Detractor(s)  |
| New Fortress Energy Inc  |
| Futures Contract  |
| DB Master Finance LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Fidelity Institutional Asset Management Total Bond Fund**

![](img_5cf95549af244.jpg)

JNL/Fidelity Institutional Asset Management Total Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Fidelity Institutional Asset Management Total Bond Fund (Class A) | 7.49% | 0.06% | 2.09% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1507516 |
| Number of Investments: | 2815 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 5339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 39.5 |
| U.S. Government Agency MBS | 18.6 |
| Non-U.S. Government Agency ABS | 12.3 |
| Financials | 11.6 |
| Derivative Instruments | 11.1 |
| Other Short Term Investments | 3.8 |
| Energy | 3.5 |
| Industrials | 2.7 |
| Communication Services | 2.4 |
| Real Estate | 2.0 |
| Other Sectors | 8.7 |
| **Total Net Assets** | 116.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.4) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(4.4)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective May 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets up to $500 million, 0.015% on net assets between $500 million and $1 billion, and 0.030% on net assets over $1 billion and the Fund's management fee rate and total expense ratio decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/First Sentier Global Infrastructure Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/First Sentier Global Infrastructure Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $126 | 1.16% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/First Sentier Global Infrastructure Fund underperformed the S&P Global Infrastructure Index (Net) by posting a return of 17.55% for Class A shares compared to 21.54% for the Index. The underperformance was primarily driven by an overweight to telecommunication and railroad companies, underweight to airport and airport services, and stock selection in the energy midstream and electric utilities sectors.  | For the year ended December 31, 2025, JNL/First Sentier Global Infrastructure Fund underperformed the S&P Global Infrastructure Index (Net) by posting a return of 17.55% for Class A shares compared to 21.54% for the Index. The underperformance was primarily driven by an overweight to telecommunication and railroad companies, underweight to airport and airport services, and stock selection in the energy midstream and electric utilities sectors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to industrials |
| ⬥ | exposure to utilities companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to oil & storage & transport |
| ⬥ | exposure to data center REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| CCR S.A.  |
| National Grid PLC  |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V.  |
| Top Detractor(s)  |
| ONEOK, Inc.  |
| PG&E Corporation  |
| SBA Communications Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/First Sentier Global Infrastructure Fund**

![](img_997dc64ccd3e4.jpg)

<br> JNL/First Sentier Global Infrastructure Fund

---

| | | | |
|:---|:---|:---|:---|
| 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<sup>®</sup> Global Target Market Exposure IndexSM (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% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 471389 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 3510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 45.1 |
| Industrials | 35.3 |
| Energy | 10.0 |
| Real Estate | 5.4 |
| Communication Services | 2.9 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 99.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Franklin Templeton Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Franklin Templeton Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $99 | 0.93% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Franklin Templeton Income Fund outperformed the 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index by posting a return of 12.00% for Class A shares compared to 11.70% for the Index. The outperformance was primarily driven by positive stock selection within industrials and information technology as well as positive allocation effects from convertible preferred securities. | For the year ended December 31, 2025, JNL/Franklin Templeton Income Fund outperformed the 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index by posting a return of 12.00% for Class A shares compared to 11.70% for the Index. The outperformance was primarily driven by positive stock selection within industrials and information technology as well as positive allocation effects from convertible preferred securities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to material related stocks due to mixed commodity prices |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to telecommunication services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Johnson & Johnson  |
| Albemarle Corporation  |
| Cisco Systems, Inc.  |
| Top Detractor(s)  |
| Procter & Gamble Company, The  |
| Ardagh Packaging Finance Public Limited Company  |
| Wells Fargo Bank, National Association  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Franklin Templeton Income Fund**

![](img_fdbda00578dd4.jpg)

<br> JNL/Franklin Templeton Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Franklin Templeton Income Fund (Class A) | 12.00% | 7.17% | 7.11% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) | 11.70% | 7.27% | 8.58% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1403449 |
| Number of Investments: | 260 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 7323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Equity Linked Structured Notes | 16.6 |
| Health Care | 14.3 |
| Energy | 9.7 |
| Industrials | 8.8 |
| Financials | 8.0 |
| Utilities | 7.0 |
| U.S. Government Agency MBS | 6.3 |
| Consumer Staples | 5.9 |
| Materials | 5.7 |
| Consumer Discretionary | 5.4 |
| Other Sectors | 14.8 |
| **Total Net Assets** | 102.5 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in convertible securities and equity-linked notes ("ELNs"), and also to add a limit on its investments in debt securities that are rated below investment grade (also known as "high yield" or "junk" bonds"). As a result, the common stock equity securities in which the Fund invests include convertible securities and ELNs, and under normal market conditions, the Fund currently expects to invest between 20% to 30% of its total assets in debt securities that are rated below investment grade, but may invest up to 35% of its assets in such securities, including a portion in defaulted securities. |
| Effective April 28, 2025, the Fund revised its principal risks to list "derivatives risk" as a principal risk associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.050% of management fees on the Fund's net assets up to $200 million and 0.025% of management fees on the Fund's net assets between $200 million and $500 million and the Fund's management fee rate and total expense ratio decreased by 0.01%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction. |
| Effective December 31, 2025, the Fund changed its underlying benchmark from the 50% S&P 500 Value Index, 50% ICE BofA US High Yield Index to the 50% Morningstar<sup>®</sup> Dividend Composite IndexSM/25% Bloomberg US Aggregate Index/25% ICE BofA US High Yield Index. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

<br> JNL/Franklin Templeton Income Fund

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Goldman Sachs 4 Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Goldman Sachs 4 Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $76 | 0.70% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Goldman Sachs 4 Fund underperformed the S&P 500 Index by posting a return of 16.69% for Class A shares compared to 17.88% for the Index. The underperformance was primarily driven by a modest underweight to mega-cap information technology stocks.  | For the year ended December 31, 2025, JNL/Goldman Sachs 4 Fund underperformed the S&P 500 Index by posting a return of 16.69% for Class A shares compared to 17.88% for the Index. The underperformance was primarily driven by a modest underweight to mega-cap information technology stocks.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Lam Research Corporation  |
| Jabil Inc.  |
| Corning Incorporated  |
| Top Detractor(s)  |
| Conagra Brands, Inc.  |
| HP, Inc.  |
| Gartner, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Goldman Sachs 4 Fund**

![](img_3c11d55e92234.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Goldman Sachs 4 Fund (Class A) | 16.69% | 13.95% | 11.59% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes) | 13.19% | 12.96% | 11.73% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Goldman Sachs 4 Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4955794 |
| Number of Investments: | 146 |
| Portfolio Turnover (%): | 47 |
| Total Advisory Fees Paid ($): | 12411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 33.8 |
| Financials | 13.5 |
| Communication Services | 10.1 |
| Consumer Discretionary | 10.0 |
| Health Care | 9.8 |
| Industrials | 6.5 |
| Consumer Staples | 4.0 |
| Utilities | 3.1 |
| Real Estate | 3.1 |
| Energy | 3.0 |
| Other Sectors | 3.2 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/GQG Emerging Markets Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/GQG Emerging Markets Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $140 | 1.33% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/GQG Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 10.25% for Class A shares compared to 31.62% for the Index. The underperformance was primarily driven by an overweight to consumer staples, an underweight to South Korea, and negative stock selection in the U.S. | For the year ended December 31, 2025, JNL/GQG Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 10.25% for Class A shares compared to 31.62% for the Index. The underperformance was primarily driven by an overweight to consumer staples, an underweight to South Korea, and negative stock selection in the U.S. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to Brazilian equities |
| ⬥ | exposure to Taiwan companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indonesian equities |
| ⬥ | exposure to capital goods companies  |
| ⬥ | exposure to U.S. companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Banco BTG Pactual S/A  |
| ITAU Unibanco Holding SA  |
| Top Detractor(s)  |
| ITC Limited  |
| Marvell Technology Group Ltd  |
| PT. Bank Central Asia Tbk  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/GQG Emerging Markets Equity Fund**

![](img_afe0db9891b04.jpg)

<br> JNL/GQG Emerging Markets Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/GQG Emerging Markets Equity Fund (Class A) | 10.25% | 2.64% | 6.18% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 5.97% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 744024 |
| Number of Investments: | 88 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 7244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 32.3 |
| Consumer Staples | 13.3 |
| Utilities | 11.0 |
| Industrials | 10.9 |
| Communication Services | 8.7 |
| Information Technology | 8.2 |
| Energy | 7.7 |
| Materials | 3.0 |
| Other Short Term Investments | 2.5 |
| Health Care | 1.5 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 102.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Diversified Dividend Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Invesco Diversified Dividend Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 0.98% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Diversified Dividend Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 15.31% for Class A shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to and negative stock selection within communication services and an overweight to consumer staples. | For the year ended December 31, 2025, JNL/Invesco Diversified Dividend Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 15.31% for Class A shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to and negative stock selection within communication services and an overweight to consumer staples. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to banks |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Alphabet Inc.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Marvell Technology Group Ltd  |
| Microchip Technology Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Diversified Dividend Fund**

![](img_71798336c50b4.jpg)

<br> JNL/Invesco Diversified Dividend Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Invesco Diversified Dividend Fund (Class A) | 15.31% | 10.39% | 8.46% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 11.80% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 818994 |
| Number of Investments: | 77 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 4275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.8 |
| Health Care | 14.1 |
| Information Technology | 12.3 |
| Industrials | 11.5 |
| Consumer Staples | 9.5 |
| Consumer Discretionary | 8.2 |
| Communication Services | 7.2 |
| Energy | 5.3 |
| Utilities | 5.1 |
| Materials | 3.1 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Invesco Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $103 | 0.96% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 15.37% for Class A shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in financials, information technology, and Japan. | For the year ended December 31, 2025, JNL/Invesco Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 15.37% for Class A shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in financials, information technology, and Japan. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to Danish companies |
| ⬥ | exposure to Indian equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Lam Research Corporation  |
| NVIDIA Corporation  |
| Top Detractor(s)  |
| Marvell Technology Group Ltd  |
| DLF Limited  |
| Novo Nordisk A/S  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Global Growth Fund**

![](img_62fe77b5f7594.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Invesco Global Growth Fund (Class A) | 15.37% | 7.06% | 10.84% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Invesco Global Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1345352 |
| Number of Investments: | 62 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 6810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 33.4 |
| Communication Services | 21.9 |
| Health Care | 12.9 |
| Financials | 12.1 |
| Consumer Discretionary | 10.6 |
| Industrials | 5.0 |
| Real Estate | 2.9 |
| Materials | 0.9 |
| Other Short Term Investments | 0.6 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Small Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Invesco Small Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 1.03% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 6.17% for Class A shares compared to 13.12% for the Index. The underperformance was primarily driven by negative stock selection within industrials, information technology, and real estate. | For the year ended December 31, 2025, JNL/Invesco Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 6.17% for Class A shares compared to 13.12% for the Index. The underperformance was primarily driven by negative stock selection within industrials, information technology, and real estate. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. micro-cap companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to food beverage & tobacco |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Circle Internet Group, Inc.  |
| Guardant Health, Inc.  |
| Kratos Defense & Security Solutions, Inc.  |
| Top Detractor(s)  |
| Fermi Inc.  |
| Freshpet, Inc.  |
| II-VI Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Small Cap Growth Fund**

![](img_893d2d9c10994.jpg)

<br> JNL/Invesco Small Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Invesco Small Cap Growth Fund (Class A) | 6.17% | -0.73% | 9.05% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.12% | 4.22% | 9.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1588683 |
| Number of Investments: | 102 |
| Portfolio Turnover (%): | 86 |
| Total Advisory Fees Paid ($): | 10175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 27.4 |
| Health Care | 24.2 |
| Information Technology | 23.2 |
| Financials | 9.1 |
| Consumer Discretionary | 8.9 |
| Energy | 1.9 |
| Utilities | 1.7 |
| Materials | 1.7 |
| Communication Services | 0.8 |
| Other Short Term Investments | 0.6 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Global Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Global Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $112 | 1.04% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Global Allocation Fund underperformed the 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index by posting a return of 14.90% for Class A shares compared to 16.70% for the Index. The underperformance was driven by stock selection in communication services, industrials, and materials. | For the year ended December 31, 2025, JNL/JPMorgan Global Allocation Fund underperformed the 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index by posting a return of 14.90% for Class A shares compared to 16.70% for the Index. The underperformance was driven by stock selection in communication services, industrials, and materials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| NVIDIA Corporation  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Top Detractor(s)  |
| Futures Contract  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Global Allocation Fund**

![](img_6190a21f3cb84.jpg)

<br> JNL/JPMorgan Global Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan Global Allocation Fund (Class A) | 14.90% | 4.35% | 5.99% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 16.70% | 5.61% | 7.51% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 882101 |
| Number of Investments: | 1825 |
| Portfolio Turnover (%): | 96 |
| Total Advisory Fees Paid ($): | 5243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 63.3 |
| Government Securities | 15.1 |
| Financials | 14.0 |
| Information Technology | 12.0 |
| Other Short Term Investments | 10.9 |
| Consumer Discretionary | 9.0 |
| Industrials | 7.1 |
| Communication Services | 6.5 |
| Health Care | 5.7 |
| Investment Companies | 4.0 |
| Other Sectors | 14.1 |
| **Total Net Assets** | 161.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (25.9) |
| **Total Net Assets** | **(25.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Hedged Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Hedged Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $99 | 0.96% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Hedged Equity Fund underperformed the S&P 500 Index by posting a return of 7.04% for Class A shares compared to 17.88% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. | For the year ended December 31, 2025, JNL/JPMorgan Hedged Equity Fund underperformed the S&P 500 Index by posting a return of 7.04% for Class A shares compared to 17.88% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to equity options contracts |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| Option Contract  |
| SPXW US  |
| Option Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Hedged Equity Fund**

![](img_b22ff4d834934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/JPMorgan Hedged Equity Fund (Class A) | 7.04% | 8.58% | 8.74% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.53% |
| CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 9.33% | 6.47% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/JPMorgan Hedged Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 882611 |
| Number of Investments: | 155 |
| Portfolio Turnover (%): | 30 |
| Total Advisory Fees Paid ($): | 4452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.3 |
| Financials | 13.6 |
| Consumer Discretionary | 11.8 |
| Communication Services | 10.6 |
| Health Care | 9.5 |
| Industrials | 7.8 |
| Consumer Staples | 3.6 |
| Energy | 2.9 |
| Utilities | 2.3 |
| Real Estate | 1.7 |
| Other Sectors | 3.6 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.2) |
| **Total Net Assets** | **(1.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan MidCap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan MidCap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $93 | 0.89% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan MidCap Growth Fund outperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 8.08% for Class A shares compared to 6.78% for the Index. The outperformance was driven by positive stock selection in Industrials and positive allocation effect from real estate and health care. | For the year ended December 31, 2025, JNL/JPMorgan MidCap Growth Fund outperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 8.08% for Class A shares compared to 6.78% for the Index. The outperformance was driven by positive stock selection in Industrials and positive allocation effect from real estate and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to growth equities |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. micro-cap companies |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to consumer staple and materials companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Palantir Technologies Inc.  |
| Robinhood Markets, Inc.  |
| Insmed Incorporated  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Gartner, Inc.  |
| HubSpot, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan MidCap Growth Fund**

![](img_32061319f8354.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan MidCap Growth Fund (Class A) | 8.08% | 4.23% | 12.15% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.78% | 6.07% | 11.88% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/JPMorgan MidCap Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3402642 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 69 |
| Total Advisory Fees Paid ($): | 16419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 20.6 |
| Industrials | 19.1 |
| Health Care | 19.1 |
| Information Technology | 16.0 |
| Financials | 9.5 |
| Communication Services | 5.2 |
| Energy | 3.2 |
| Utilities | 2.1 |
| Consumer Staples | 1.9 |
| Real Estate | 1.7 |
| Other Sectors | 1.7 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Nasdaq Hedged Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan Nasdaq Hedged Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $103 | 0.99% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Nasdaq Hedged Equity Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 8.83% for Class A shares compared to 21.02% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. | For the year ended December 31, 2025, JNL/JPMorgan Nasdaq Hedged Equity Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 8.83% for Class A shares compared to 21.02% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to equity options contracts |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| Option Contract  |
| Option Contract  |
| Option Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Nasdaq Hedged Equity Fund**

![](img_f9aff70c16714.jpg)

<br> JNL/JPMorgan Nasdaq Hedged Equity Fund

---

| | | |
|:---|:---|:---|
| 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<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 15.30% |
| Nasdaq-100<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 20.75% |
| CBOE Nasdaq 100<sup>®</sup> Buywrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 11.68% |
| Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 46897 |
| Number of Investments: | 98 |
| Portfolio Turnover (%): | 78 |
| Total Advisory Fees Paid ($): | 248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 51.5 |
| Communication Services | 15.2 |
| Consumer Discretionary | 13.9 |
| Health Care | 5.2 |
| Consumer Staples | 4.1 |
| Derivative Instruments | 3.7 |
| Industrials | 3.2 |
| Other Short Term Investments | 3.0 |
| Utilities | 1.2 |
| Materials | 0.9 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 103.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.8) |
| **Total Net Assets** | **(1.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Government & Quality Bond Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Government & Quality Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $71 | 0.69% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed the Bloomberg U.S. Government Index by posting a return of 6.61% for Class A shares compared to 6.31% for the Index. The outperformance was driven by an underweight to long duration Treasuries. | For the year ended December 31, 2025, JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed the Bloomberg U.S. Government Index by posting a return of 6.61% for Class A shares compared to 6.31% for the Index. The outperformance was driven by an underweight to long duration Treasuries. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to U.S. Treasury Bonds |
| ⬥ | exposure to commercial mortgage backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to investment grade technology services bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Bond, United States Department of  |
| Federal National Mortgage Association, Inc.  |
| Top Detractor(s)  |
| CF Hippolyta Issuer LLC  |
| Treasury Bond, United States Department of  |
| Treasury Bond, United States Department of  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan U.S. Government & Quality Bond Fund**

![](img_64f181809d774.jpg)

<br> JNL/JPMorgan U.S. Government & Quality Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan U.S. Government & Quality Bond Fund (Class A) | 6.61% | -0.59% | 1.45% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government Index (reflects no deduction for fees, expenses, or taxes) | 6.31% | -0.94% | 1.38% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1236046 |
| Number of Investments: | 305 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 3652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 45.3 |
| Government Securities | 38.8 |
| Non-U.S. Government Agency ABS | 8.3 |
| Financials | 3.7 |
| Communication Services | 1.2 |
| Other Short Term Investments | 0.7 |
| Utilities | 0.7 |
| Securities Lending Collateral | 0.3 |
| Information Technology | 0.3 |
| Consumer Staples | 0.2 |
| Other Sectors | 0.3 |
| **Total Net Assets** | 99.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.6) |
| **Total Net Assets** | **(0.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Value Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $95 | 0.89% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan U.S. Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 13.86% for Class A shares compared to 18.83% for the Index. The underperformance was driven by an underweight communication services and negative stock selection in industrials. | For the year ended December 31, 2025, JNL/JPMorgan U.S. Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 13.86% for Class A shares compared to 18.83% for the Index. The underperformance was driven by an underweight communication services and negative stock selection in industrials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to U.S. large cap technology companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to material companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Western Digital Corporation  |
| Wells Fargo & Company  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Carrier Global Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan U.S. Value Fund**

![](img_bc4fee7b78244.jpg)

<br> JNL/JPMorgan U.S. Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan U.S. Value Fund (Class A) | 13.86% | 11.97% | 9.01% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1335517 |
| Number of Investments: | 90 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 7385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.9 |
| Industrials | 15.3 |
| Health Care | 13.5 |
| Consumer Discretionary | 9.4 |
| Information Technology | 9.0 |
| Communication Services | 5.7 |
| Energy | 5.0 |
| Consumer Staples | 5.0 |
| Utilities | 4.1 |
| Materials | 3.7 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Lazard International Quality Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Lazard International Quality Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $111 | 1.05% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Lazard International Quality Growth Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 11.35% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, the United Kingdom, and in the industrials, information technology, and financial sectors. | For the year ended December 31, 2025, JNL/Lazard International Quality Growth Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 11.35% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, the United Kingdom, and in the industrials, information technology, and financial sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to Hong Kong equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to mid-cap companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| ASML Holding N.V.  |
| Dollarama Inc.  |
| Top Detractor(s)  |
| Accenture Public Limited Company  |
| Diageo PLC  |
| Wolters Kluwer N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Lazard International Quality Growth Fund**

![](img_5ec800a968c44.jpg)

<br> JNL/Lazard International Quality Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Lazard International Quality Growth Fund (Class A) | 11.35% | 2.86% | 5.66% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 393247 |
| Number of Investments: | 48 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 2765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 22.4 |
| Industrials | 22.0 |
| Financials | 17.0 |
| Health Care | 15.0 |
| Communication Services | 8.3 |
| Consumer Staples | 6.9 |
| Consumer Discretionary | 6.4 |
| Other Short Term Investments | 1.9 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Loomis Sayles Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Loomis Sayles Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $110 | 1.01% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Loomis Sayles Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 17.45% for Class A shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in information technology and financials. | For the year ended December 31, 2025, JNL/Loomis Sayles Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 17.45% for Class A shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in information technology and financials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to diversified financial services |
| ⬥ | exposure to Danish companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Shopify Inc.  |
| MercadoLibre, Inc.  |
| Top Detractor(s)  |
| FANUC Corporation  |
| Novo Nordisk A/S  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Loomis Sayles Global Growth Fund**

![](img_3a38de33abc34.jpg)

<br> JNL/Loomis Sayles Global Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Loomis Sayles Global Growth Fund (Class A) | 17.45% | 8.85% | 12.47% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.41% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 953050 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 4844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 24.7 |
| Communication Services | 23.7 |
| Information Technology | 18.9 |
| Health Care | 13.4 |
| Industrials | 8.3 |
| Financials | 7.6 |
| Consumer Staples | 3.0 |
| Other Short Term Investments | 0.3 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective December 11, 2025, the Fund updated its criteria for determining the classification of securities as U.S. or non-U.S. As part of this change, the Fund's sub-adviser considers a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer's securities are primarily traded; the location of the issuer's headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. As a result, the Fund no longer considers a security to be foreign if: (1) it is included in the U.S. equity indices published by S&P Global Ratings or Russell Investments; or, (2) if the security's "country of risk" defined by Bloomberg is the United States and the security's "country of incorporation" defined by Bloomberg is the United States. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Lord Abbett Short Duration Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Lord Abbett Short Duration Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $82 | 0.80% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Lord Abbett Short Duration Income Fund underperformed the ICE BofA 1-3 Year US Corporate Index by posting a return of 5.84% for Class A shares compared to 5.89% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  | For the year ended December 31, 2025, JNL/Lord Abbett Short Duration Income Fund underperformed the ICE BofA 1-3 Year US Corporate Index by posting a return of 5.84% for Class A shares compared to 5.89% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | moderate exposure to high yield corporate bonds |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Centene Corporation  |
| Futures Contract  |
| Top Detractor(s)  |
| HGI CRE CLO 2021-FL2, Ltd.  |
| Futures Contract  |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Lord Abbett Short Duration Income Fund**

![](img_6e229270d23e4.jpg)

<br> JNL/Lord Abbett Short Duration Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (April 27, 2020) |
| JNL/Lord Abbett Short Duration Income Fund (Class A) | 5.84% | 2.25% | 2.77% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 0.10% |
| ICE BofA 1-3 Year US Corporate Index (reflects no deduction for fees, expenses, or taxes) | 5.89% | 2.49% | 2.86% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 711820 |
| Number of Investments: | 752 |
| Portfolio Turnover (%): | 96 |
| Total Advisory Fees Paid ($): | 2468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 48.5 |
| Non-U.S. Government Agency ABS | 30.1 |
| Financials | 18.3 |
| Energy | 11.0 |
| Industrials | 6.7 |
| Consumer Discretionary | 5.7 |
| Government Securities | 4.6 |
| Health Care | 4.4 |
| Utilities | 4.2 |
| Information Technology | 3.3 |
| Other Sectors | 10.6 |
| **Total Net Assets** | 147.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (11.4) |
| **Total Net Assets** | **(11.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Communication Services Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Communication Services Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $75 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Communication Services Sector Fund underperformed the Morningstar<sup>®</sup> US Communication Services IndexSM by posting a return of 32.98% for Class A shares compared to 33.93% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Communication Services Sector Fund underperformed the Morningstar<sup>®</sup> US Communication Services IndexSM by posting a return of 32.98% for Class A shares compared to 33.93% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to telecommunication services companies |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Alphabet Inc.  |
| Meta Platforms, Inc.  |
| Top Detractor(s)  |
| Comcast Corporation  |
| Former Charter Communications Parent, Inc.  |
| AppLovin Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Communication Services Sector Fund**

![](img_11bada81bbdb4.jpg)

<br> JNL/Mellon Communication Services Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Communication Services Sector Fund (Class A) | 32.98% | 13.91% | 13.85% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Communication Services IndexSM (reflects no deduction for fees, expenses, or taxes) | 33.93% | 14.49% | 15.10% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1130019 |
| Number of Investments: | 54 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 1648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 96.1 |
| Information Technology | 2.4 |
| Derivative Instruments | 1.3 |
| Other Short Term Investments | 0.4 |
| Real Estate | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Discretionary Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Discretionary Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $66 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Consumer Discretionary Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Cyclical IndexSM by posting a return of 5.06% for Class A shares compared to 5.70% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Consumer Discretionary Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Cyclical IndexSM by posting a return of 5.06% for Class A shares compared to 5.70% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to automobiles and components companies |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to German equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Tesla Inc.  |
| TJX Companies, Inc., The  |
| Amazon.com, Inc.  |
| Top Detractor(s)  |
| Chipotle Mexican Grill, Inc.  |
| Home Depot, Inc. , The  |
| Lululemon Athletica Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Consumer Discretionary Sector Fund**

![](img_bf05880022854.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Consumer Discretionary Sector Fund (Class A) | 5.06% | 7.35% | 13.03% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Consumer Cyclical IndexSM (reflects no deduction for fees, expenses, or taxes) | 5.70% | 8.06% | 13.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Consumer Discretionary Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1321807 |
| Number of Investments: | 145 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 2473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 96.8 |
| Materials | 2.0 |
| Industrials | 0.5 |
| Consumer Staples | 0.4 |
| Derivative Instruments | 0.3 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "foreign securities risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Staples Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Staples Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $65 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Consumer Staples Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Defensive IndexSM by posting a return of 0.40% for Class A shares compared to 1.11% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Consumer Staples Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Defensive IndexSM by posting a return of 0.40% for Class A shares compared to 1.11% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to consumer staples distribution and retail companies |
| ⬥ | exposure to food, beverage & tobacco companies |
| ⬥ | exposure to health care equipment and services companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Walmart Inc.  |
| Philip Morris International Inc.  |
| Coca-Cola Company, The  |
| Top Detractor(s)  |
| Procter & Gamble Company, The  |
| Costco Wholesale Corporation  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Consumer Staples Sector Fund**

![](img_2694445a7a444.jpg)

<br> JNL/Mellon Consumer Staples Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Consumer Staples Sector Fund (Class A) | 0.40% | 5.45% | 7.03% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Consumer Defensive IndexSM (reflects no deduction for fees, expenses, or taxes) | 1.11% | 6.28% | 8.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 350400 |
| Number of Investments: | 61 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Staples | 98.5 |
| Derivative Instruments | 0.9 |
| Consumer Discretionary | 0.7 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Dow Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Dow Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $70 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Dow Index Fund underperformed the Dow Jones Industrial Average<sup>®</sup> by posting a return of 14.17% for Class A shares compared to 14.92% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Dow Index Fund underperformed the Dow Jones Industrial Average<sup>®</sup> by posting a return of 14.17% for Class A shares compared to 14.92% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial services companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| The Goldman Sachs Group, Inc.  |
| Caterpillar Inc.  |
| JPMorgan Chase & Co.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| Home Depot, Inc. , The  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Dow Index Fund**

![](img_25dde7f98cde4.jpg)

<br> JNL/Mellon Dow Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Dow Index Fund (Class A) | 14.17% | 10.85% | 12.41% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Dow Jones Industrial Average<sup>®</sup> (reflects no deduction for fees, expenses, or taxes) | 14.92% | 11.58% | 13.11% |
| The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1308433 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 2294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 28.2 |
| Information Technology | 20.1 |
| Industrials | 14.6 |
| Health Care | 12.4 |
| Consumer Discretionary | 12.0 |
| Consumer Staples | 4.1 |
| Materials | 4.1 |
| Communication Services | 2.0 |
| Energy | 2.0 |
| Derivative Instruments | 0.5 |
| Other Sectors | 0.5 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Energy Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Energy Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $66 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Energy Sector Fund underperformed the Morningstar<sup>®</sup> US Energy IndexSM by posting a return of 6.84% for Class A shares compared to 7.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Energy Sector Fund underperformed the Morningstar<sup>®</sup> US Energy IndexSM by posting a return of 6.84% for Class A shares compared to 7.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to integrated oil companies |
| ⬥ | exposure to oil & gas refining and marketing  |
| ⬥ | exposure to oilfield services & equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to oil & gas exploration & production |
| ⬥ | exposure contract drilling companies |
| ⬥ | exposure to oil & storage & transport |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Exxon Mobil Corporation  |
| Chevron Corporation  |
| Valero Energy Corporation  |
| Top Detractor(s)  |
| ONEOK, Inc.  |
| EOG Resources, Inc.  |
| Occidental Petroleum Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Energy Sector Fund**

![](img_5c13953154314.jpg)

<br> JNL/Mellon Energy Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Energy Sector Fund (Class A) | 6.84% | 22.78% | 7.04% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Energy IndexSM (reflects no deduction for fees, expenses, or taxes) | 7.61% | 23.56% | 7.89% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1462850 |
| Number of Investments: | 50 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 2825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 99.2 |
| Derivative Instruments | 0.5 |
| Utilities | 0.4 |
| Other Short Term Investments | 0.4 |
| Securities Lending Collateral | 0.0 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Financial Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Financial Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Financial Sector Fund underperformed the Morningstar<sup>®</sup> US Financial Services IndexSM by posting a return of 16.18% for Class A shares compared to 16.86% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Financial Sector Fund underperformed the Morningstar<sup>®</sup> US Financial Services IndexSM by posting a return of 16.18% for Class A shares compared to 16.86% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to financial services companies |
| ⬥ | exposure to banks |
| ⬥ | exposure to insurance companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to health care equipment and services companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| The Goldman Sachs Group, Inc.  |
| Berkshire Hathaway Inc.  |
| Top Detractor(s)  |
| PayPal Holdings, Inc.  |
| Marsh & Mclennan Companies, Inc.  |
| Blackstone Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Financial Sector Fund**

![](img_66ef8ad5f5024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Financial Sector Fund (Class A) | 16.18% | 14.52% | 12.35% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Financial Services IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.86% | 14.74% | 13.91% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Financial Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1542393 |
| Number of Investments: | 186 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 2773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 98.9 |
| Derivative Instruments | 0.6 |
| Other Short Term Investments | 0.5 |
| Information Technology | 0.4 |
| Industrials | 0.2 |
| Securities Lending Collateral | 0.1 |
| Health Care | 0.0 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Healthcare Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Healthcare Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $68 | 0.63% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Healthcare Sector Fund underperformed the Morningstar<sup>®</sup> US Healthcare IndexSM by posting a return of 14.47% for Class A shares compared to 15.19% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Healthcare Sector Fund underperformed the Morningstar<sup>®</sup> US Healthcare IndexSM by posting a return of 14.47% for Class A shares compared to 15.19% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to health care equipment and services companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to containers & packaging  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Eli Lilly and Company  |
| Johnson & Johnson  |
| AbbVie Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Zoetis Inc.  |
| Centene Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Healthcare Sector Fund**

![](img_c5ba249f5c264.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Healthcare Sector Fund (Class A) | 14.47% | 6.09% | 9.03% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Healthcare IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.19% | 6.76% | 9.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Healthcare Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2805816 |
| Number of Investments: | 136 |
| Portfolio Turnover (%): | 4 |
| Total Advisory Fees Paid ($): | 4859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 99.3 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.3 |
| Materials | 0.1 |
| Securities Lending Collateral | 0.0 |
| Rights | 0.0 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Industrials Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Industrials Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $71 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Industrials Sector Fund underperformed the Morningstar<sup>®</sup> US Industrials IndexSM by posting a return of 18.09% for Class A shares compared to 18.73% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Industrials Sector Fund underperformed the Morningstar<sup>®</sup> US Industrials IndexSM by posting a return of 18.09% for Class A shares compared to 18.73% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to transportation companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to air freight & logistic companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| General Electric Company  |
| Caterpillar Inc.  |
| United Technologies Corp.  |
| Top Detractor(s)  |
| United Parcel Service, Inc.  |
| Copart, Inc.  |
| Global Payments Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Industrials Sector Fund**

![](img_895f6c8cef204.jpg)

<br> JNL/Mellon Industrials Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Industrials Sector Fund (Class A) | 18.09% | 12.62% | 11.40% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Industrials IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.73% | 13.35% | 12.16% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 385735 |
| Number of Investments: | 198 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 98.1 |
| Consumer Discretionary | 0.6 |
| Derivative Instruments | 0.5 |
| Other Short Term Investments | 0.4 |
| Financials | 0.3 |
| Information Technology | 0.3 |
| Materials | 0.1 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Information Technology Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Information Technology Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $67 | 0.61% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Information Technology Sector Fund underperformed the Morningstar<sup>®</sup> US Technology IndexSM by posting a return of 20.73% for Class A shares compared to 21.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Information Technology Sector Fund underperformed the Morningstar<sup>®</sup> US Technology IndexSM by posting a return of 20.73% for Class A shares compared to 21.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| Apple Inc.  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Information Technology Sector Fund**

![](img_77b8889761f34.jpg)

<br> JNL/Mellon Information Technology Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Information Technology Sector Fund (Class A) | 20.73% | 18.54% | 22.65% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Technology IndexSM (reflects no deduction for fees, expenses, or taxes) | 21.43% | 19.33% | 23.29% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7633321 |
| Number of Investments: | 197 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 11559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 96.3 |
| Industrials | 2.2 |
| Financials | 0.9 |
| Derivative Instruments | 0.3 |
| Other Short Term Investments | 0.3 |
| Consumer Discretionary | 0.2 |
| Securities Lending Collateral | 0.2 |
| Communication Services | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Materials Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Materials Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $72 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Materials Sector Fund underperformed the Morningstar<sup>®</sup> US Basic Materials IndexSM by posting a return of 14.44% for Class A shares compared to 15.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Materials Sector Fund underperformed the Morningstar<sup>®</sup> US Basic Materials IndexSM by posting a return of 14.44% for Class A shares compared to 15.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to metals and mining equities |
| ⬥ | exposure to construction materials companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to chemical companies |
| ⬥ | exposure to capital goods companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Newmont Corporation  |
| CRH Public Limited Company  |
| Freeport-McMoRan Inc.  |
| Top Detractor(s)  |
| Dow Inc.  |
| Air Products and Chemicals, Inc.  |
| LyondellBasell Industries N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Materials Sector Fund**

![](img_02f68e74fd9a4.jpg)

<br> JNL/Mellon Materials Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Materials Sector Fund (Class A) | 14.44% | 7.63% | 7.59% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Basic Materials IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.30% | 8.49% | 8.74% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 162206 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 35 |
| Total Advisory Fees Paid ($): | 316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 98.5 |
| Industrials | 1.1 |
| Other Short Term Investments | 0.5 |
| Derivative Instruments | 0.5 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "foreign securities risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Nasdaq 100 Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Nasdaq 100 Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.63% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Nasdaq 100 Index Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 20.28% for Class A shares compared to 21.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Nasdaq 100 Index Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 20.28% for Class A shares compared to 21.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to telecommunication services companies |
| ⬥ | exposure to diversified financial services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Broadcom Inc.  |
| Palantir Technologies Inc.  |
| Top Detractor(s)  |
| Adobe Inc.  |
| The Trade Desk, Inc.  |
| Marvell Technology Group Ltd  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Nasdaq 100 Index Fund**

![](img_0f80c4d73b524.jpg)

<br> JNL/Mellon Nasdaq 100 Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Nasdaq 100 Index Fund (Class A) | 20.28% | 14.58% | 19.09% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Nasdaq-100<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 15.30% | 19.70% |
| Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9714092 |
| Number of Investments: | 104 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 13905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 52.6 |
| Communication Services | 15.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 5.4 |
| Consumer Staples | 4.6 |
| Industrials | 4.2 |
| Utilities | 1.4 |
| Materials | 1.1 |
| Derivative Instruments | 0.5 |
| Energy | 0.5 |
| Other Sectors | 1.3 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Real Estate Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Real Estate Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $67 | 0.66% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Real Estate Sector Fund underperformed the Morningstar<sup>®</sup> US Real Estate IndexSM by posting a return of 3.37% for Class A shares compared to 4.14% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Real Estate Sector Fund underperformed the Morningstar<sup>®</sup> US Real Estate IndexSM by posting a return of 3.37% for Class A shares compared to 4.14% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to health care REITs |
| ⬥ | exposure to industrial REITs |
| ⬥ | exposure to retail REITs |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to data center REITs |
| ⬥ | exposure to self-storage REITs |
| ⬥ | exposure to office REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| ProLogis Inc.  |
| CBRE Group, Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| Alexandria Real Estate Equities, Inc.  |
| Iron Mountain Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Real Estate Sector Fund**

![](img_18bd58b190474.jpg)

<br> JNL/Mellon Real Estate Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Real Estate Sector Fund (Class A) | 3.37% | 4.18% | 4.52% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Real Estate IndexSM (reflects no deduction for fees, expenses, or taxes) | 4.14% | 4.70% | 5.07% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 193310 |
| Number of Investments: | 79 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.2 |
| Financials | 2.8 |
| Derivative Instruments | 1.1 |
| Securities Lending Collateral | 1.0 |
| Other Short Term Investments | 0.7 |
| **Total Net Assets** | 101.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 500 Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 500 Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $56 | 0.52% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.28% for Class A shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.28% for Class A shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to containers & packaging  |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon S&P 500 Index Fund**

![](img_0a80d3e375f84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon S&P 500 Index Fund (Class A) | 17.28% | 13.86% | 14.24% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon S&P 500 Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 17097359 |
| Number of Investments: | 508 |
| Portfolio Turnover (%): | 3 |
| Total Advisory Fees Paid ($): | 15878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.3 |
| Financials | 13.3 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.6 |
| Industrials | 8.1 |
| Securities Lending Collateral | 4.9 |
| Consumer Staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.3 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 105.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon U.S. Stock Market Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon U.S. Stock Market Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $66 | 0.61% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon U.S. Stock Market Index Fund underperformed the Morningstar<sup>®</sup> US Market IndexSM by posting a return of 16.64% for Class A shares compared to 17.35% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon U.S. Stock Market Index Fund underperformed the Morningstar<sup>®</sup> US Market IndexSM by posting a return of 16.64% for Class A shares compared to 17.35% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to investment grade apparel/footwear bonds |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon U.S. Stock Market Index Fund**

![](img_afc1a3d9425b4.jpg)

<br> JNL/Mellon U.S. Stock Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon U.S. Stock Market Index Fund (Class A) | 16.64% | 12.68% | 13.59% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Market IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.35% | 13.29% | 14.29% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4902933 |
| Number of Investments: | 1173 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 7594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.6 |
| Financials | 13.5 |
| Consumer Discretionary | 10.5 |
| Communication Services | 10.2 |
| Health Care | 9.7 |
| Industrials | 9.2 |
| Consumer Staples | 4.5 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Real Estate | 2.1 |
| Other Sectors | 3.1 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Utilities Sector Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon Utilities Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $71 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Utilities Sector Fund underperformed the Morningstar<sup>®</sup> US Utilities IndexSM by posting a return of 18.65% for Class A shares compared to 19.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Utilities Sector Fund underperformed the Morningstar<sup>®</sup> US Utilities IndexSM by posting a return of 18.65% for Class A shares compared to 19.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to electric utilities |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to multi-utilities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| GE Vernova Inc.  |
| Constellation Energy Group, Inc.  |
| NextEra Energy, Inc.  |
| Top Detractor(s)  |
| PG&E Corporation  |
| Edison International  |
| ALTC Acquisition Corp.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Utilities Sector Fund**

![](img_e50d72ba5e0c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Utilities Sector Fund (Class A) | 18.65% | 10.13% | 10.42% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Utilities IndexSM (reflects no deduction for fees, expenses, or taxes) | 19.43% | 10.90% | 11.11% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Utilities Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 751429 |
| Number of Investments: | 52 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 99.6 |
| Securities Lending Collateral | 0.9 |
| Derivative Instruments | 0.4 |
| Other Short Term Investments | 0.2 |
| **Total Net Assets** | 101.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon World Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Mellon World Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $72 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon World Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) by posting a return of 20.79% for Class A shares compared to 21.13% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon World Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) by posting a return of 20.79% for Class A shares compared to 21.13% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to German equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Novo Nordisk A/S  |
| Fiserv, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon World Index Fund**

![](img_24dfb128eab84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon World Index Fund (Class A) | 20.79% | 11.80% | 11.75% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 12.11% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon World Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 898162 |
| Number of Investments: | 1226 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 1362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.0 |
| Financials | 17.1 |
| Industrials | 10.8 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.6 |
| Communication Services | 8.8 |
| Consumer Staples | 5.2 |
| Energy | 3.3 |
| Materials | 3.2 |
| Utilities | 2.5 |
| Other Sectors | 3.1 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Harris Oakmark Global Equity Fund was merged into the Fund and shareholders of the JNL/Harris Oakmark Global Equity Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/MFS Mid Cap Value Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/MFS Mid Cap Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.95% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/MFS Mid Cap Value Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM by posting a return of 6.01% for Class A shares compared to 13.39% for the Index. The underperformance was primarily driven by negative stock selection in information technology, consumer discretionary, and materials.  | For the year ended December 31, 2025, JNL/MFS Mid Cap Value Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM by posting a return of 6.01% for Class A shares compared to 13.39% for the Index. The underperformance was primarily driven by negative stock selection in information technology, consumer discretionary, and materials.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to energy companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to material companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Corning Incorporated  |
| Flex Ltd.  |
| Howmet Aerospace Inc.  |
| Top Detractor(s)  |
| Graphic Packaging Holding Company  |
| Global Payments Inc.  |
| Newell Brands Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/MFS Mid Cap Value Fund**

![](img_69be7d7c47b74.jpg)

<br> JNL/MFS Mid Cap Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/MFS Mid Cap Value Fund (Class A) | 6.01% | 10.00% | 9.52% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.39% | 11.45% | 10.79% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1907435 |
| Number of Investments: | 151 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 10529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 19.3 |
| Financials | 18.7 |
| Consumer Discretionary | 9.0 |
| Health Care | 8.8 |
| Information Technology | 8.5 |
| Utilities | 7.7 |
| Real Estate | 7.3 |
| Energy | 7.0 |
| Consumer Staples | 5.8 |
| Materials | 5.5 |
| Other Sectors | 2.5 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in depositary receipts. As a result, the Fund revised its principal risks to list "depositary receipts risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Morningstar PitchBook Listed Private Equity Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $73 | 0.72% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar PitchBook Listed Private Equity Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) by posting a return of 3.10% for Class A shares compared to 3.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar PitchBook Listed Private Equity Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) by posting a return of 3.10% for Class A shares compared to 3.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to non-U.S. financial services companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. financial services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| EQT AB  |
| SBI Holdings, Inc.  |
| Georgia Capital Plc  |
| Top Detractor(s)  |
| Compass Diversified Holdings  |
| Altimar Acquisition Corp.  |
| CVC Capital Partners PLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar PitchBook Listed Private Equity Index Fund**

![](img_318b2c27b7734.jpg)

<br> JNL/Morningstar PitchBook Listed Private Equity Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund (Class A) | 3.10% | 7.38% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 10.67% |
| Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 3.51% | 8.35% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 18239 |
| Number of Investments: | 78 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 88.3 |
| Investment Companies | 4.9 |
| Industrials | 4.6 |
| Securities Lending Collateral | 2.3 |
| Health Care | 1.2 |
| Communication Services | 0.6 |
| Other Short Term Investments | 0.5 |
| Information Technology | 0.2 |
| **Total Net Assets** | 102.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar SMID Moat Focus Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Morningstar SMID Moat Focus Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $78 | 0.76% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar SMID Moat Focus Index Fund underperformed the Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM by posting a return of 6.23% for Class A shares compared to 7.06% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar SMID Moat Focus Index Fund underperformed the Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM by posting a return of 6.23% for Class A shares compared to 7.06% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to consumer services companies |
| ⬥ | exposure to consumer durables and apparel companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to consumer discretionary distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ionis Pharmaceuticals, Inc.  |
| Monolithic Power Systems, Inc.  |
| Expedia Group, Inc.  |
| Top Detractor(s)  |
| CarMax, Inc.  |
| Former Charter Communications Parent, Inc.  |
| Gentex Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar SMID Moat Focus Index Fund**

![](img_fc4cca27b51e4.jpg)

<br> JNL/Morningstar SMID Moat Focus Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 29, 2024) |
| JNL/Morningstar SMID Moat Focus Index Fund (Class A) | 6.23% | 8.30% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 20.18% |
| Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM (reflects no deduction for fees, expenses, or taxes) | 7.06% | 9.50% |
| Morningstar<sup>®</sup> US Small-Mid Cap Index (reflects no deduction for fees, expenses, or taxes) | 10.70% | 12.78% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 76594 |
| Number of Investments: | 109 |
| Portfolio Turnover (%): | 108 |
| Total Advisory Fees Paid ($): | 210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.2 |
| Health Care | 14.8 |
| Information Technology | 14.6 |
| Consumer Discretionary | 13.8 |
| Materials | 10.5 |
| Financials | 6.7 |
| Consumer Staples | 5.7 |
| Utilities | 4.1 |
| Energy | 4.0 |
| Real Estate | 2.7 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar U.S. Sustainability Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Morningstar U.S. Sustainability Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $76 | 0.71% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar U.S. Sustainability Index Fund underperformed the Morningstar<sup>®</sup> US Sustainability IndexSM by posting a return of 13.40% for Class A shares compared to 14.22% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar U.S. Sustainability Index Fund underperformed the Morningstar<sup>®</sup> US Sustainability IndexSM by posting a return of 13.40% for Class A shares compared to 14.22% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to chemical companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Advanced Micro Devices, Inc.  |
| Top Detractor(s)  |
| Salesforce, Inc.  |
| Accenture Public Limited Company  |
| Adobe Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar U.S. Sustainability Index Fund**

![](img_dd069c11e31e4.jpg)

<br> JNL/Morningstar U.S. Sustainability Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (April 24, 2017) |
| JNL/Morningstar U.S. Sustainability Index Fund (Class A) | 13.40% | 12.44% | 13.74% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.96% |
| Morningstar<sup>®</sup> US Sustainability IndexSM (reflects no deduction for fees, expenses, or taxes) | 14.22% | 12.94% | 14.12% |
| Morningstar<sup>®</sup> US Large-Mid Cap IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.71% | 13.71% | 14.86% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 424662 |
| Number of Investments: | 296 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.2 |
| Financials | 16.4 |
| Consumer Discretionary | 12.5 |
| Health Care | 12.2 |
| Industrials | 7.6 |
| Communication Services | 5.7 |
| Consumer Staples | 3.9 |
| Real Estate | 3.7 |
| Materials | 2.4 |
| Energy | 2.0 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit the Fund to retain its non-diversified status, as defined in the Investment Company Act of 1940, as amended, even if it becomes diversified for a period of time while tracking its index, the Morningstar<sup>®</sup> US Sustainability IndexSM (the "Index"). As a result, from time to time, the Index may become diversified, and during those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar Wide Moat Index Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Morningstar Wide Moat Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $81 | 0.76% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar Wide Moat Index Fund underperformed the Morningstar<sup>®</sup> Wide Moat Focus IndexSM by posting a return of 12.95% for Class A shares compared to 13.80% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar Wide Moat Index Fund underperformed the Morningstar<sup>®</sup> Wide Moat Focus IndexSM by posting a return of 12.95% for Class A shares compared to 13.80% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to transportation companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Huntington Ingalls Industries, Inc.  |
| Applied Materials, Inc.  |
| Monolithic Power Systems, Inc.  |
| Top Detractor(s)  |
| Brown-Forman Corporation  |
| Bio-Rad Laboratories, Inc.  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar Wide Moat Index Fund**

![](img_7036d6fea4d04.jpg)

<br> JNL/Morningstar Wide Moat Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Morningstar Wide Moat Index Fund (Class A) | 12.95% | 11.88% | 13.21% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.53% |
| Morningstar<sup>®</sup> Wide Moat Focus IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.80% | 12.71% | 14.06% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 818779 |
| Number of Investments: | 56 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 1938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 24.4 |
| Industrials | 23.5 |
| Health Care | 18.4 |
| Consumer Staples | 16.6 |
| Consumer Discretionary | 7.6 |
| Financials | 6.3 |
| Communication Services | 2.5 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.5 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Commodity Strategy Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Commodity Strategy Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.90% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Commodity Strategy Fund outperformed the Bloomberg Commodity Index by posting a return of 17.58% for Class A shares compared to 15.77% for the Index. The Fund's outperformance was primarily driven by an underweight to the agriculture commodities complex, which underperformed, coupled with an overweight to the livestock complex, which outperformed | For the year ended December 31, 2025, JNL/Neuberger Berman Commodity Strategy Fund outperformed the Bloomberg Commodity Index by posting a return of 17.58% for Class A shares compared to 15.77% for the Index. The Fund's outperformance was primarily driven by an underweight to the agriculture commodities complex, which underperformed, coupled with an overweight to the livestock complex, which outperformed |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold |
| ⬥ | exposure to silver commodity futures |
| ⬥ | exposure to copper |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to energy commodity futures |
| ⬥ | exposure to brent crude oil futures |
| ⬥ | exposure to WTI crude oil futures |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Commodity Strategy Fund**

![](img_602c872a55d64.jpg)

<br> JNL/Neuberger Berman Commodity Strategy Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Neuberger Berman Commodity Strategy Fund (Class A) | 17.58% | 13.19% | 7.89% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Bloomberg Commodity Index (reflects no deduction for fees, expenses, or taxes) | 15.77% | 10.64% | 5.73% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 45186 |
| Number of Investments: | 157 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 111.8 |
| Financials | 33.6 |
| Other Short Term Investments | 19.1 |
| Non-U.S. Government Agency ABS | 15.4 |
| Health Care | 6.9 |
| Communication Services | 3.8 |
| Energy | 3.7 |
| Industrials | 3.0 |
| Information Technology | 2.8 |
| Utilities | 2.8 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 203.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Gold Plus Strategy Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Gold Plus Strategy Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $152 | 1.16% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Gold Plus Strategy Fund outperformed the Bloomberg Gold Subindex by posting a return of 62.62% for Class A shares compared to 62.46% for the Index. The Fund's outperformance was primarily driven by a modest allocation to silver, platinum and palladium commodities futures contracts. | For the year ended December 31, 2025, JNL/Neuberger Berman Gold Plus Strategy Fund outperformed the Bloomberg Gold Subindex by posting a return of 62.62% for Class A shares compared to 62.46% for the Index. The Fund's outperformance was primarily driven by a modest allocation to silver, platinum and palladium commodities futures contracts. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold |
| ⬥ | exposure to silver commodity futures |
| ⬥ | exposure to platinum commodity futures |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Bitcoin |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Futures Contract  |
| Bank of America Corporation  |
| Oracle Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Gold Plus Strategy Fund**

![](img_5d24ff7ea8894.jpg)

<br> JNL/Neuberger Berman Gold Plus Strategy Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/Neuberger Berman Gold Plus Strategy Fund (Class A) | 62.62% | 22.79% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes) | 62.46% | 23.57% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 117655 |
| Number of Investments: | 74 |
| Portfolio Turnover (%): | 66 |
| Total Advisory Fees Paid ($): | 579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 90.0 |
| Other Short Term Investments | 45.8 |
| Financials | 27.1 |
| Health Care | 5.3 |
| Communication Services | 3.7 |
| Investment Companies | 3.0 |
| Energy | 2.6 |
| Industrials | 2.1 |
| Utilities | 2.1 |
| Information Technology | 2.0 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 184.8 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" and "foreign securities risk" as principal risks associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.100% of management fees on the Fund's net assets up to $500 million and 0.050% on net assets over $500 million and the Fund's management fee rate and total expense ratio decreased by 0.10%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Strategic Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Strategic Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.94% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Strategic Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 9.30% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to high yield corporate bonds and emerging market debt.  | For the year ended December 31, 2025, JNL/Neuberger Berman Strategic Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 9.30% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to high yield corporate bonds and emerging market debt.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to non-us sovereign and corporate high yield bonds |
| ⬥ | exposure to agency mortgage-backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps |
| ⬥ | exposure to forward currency contracts |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Warnermedia Holdings, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Strategic Income Fund**

![](img_b7cb86462c034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Neuberger Berman Strategic Income Fund (Class A) | 9.30% | 3.00% | 4.09% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Neuberger Berman Strategic Income Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1075670 |
| Number of Investments: | 1647 |
| Portfolio Turnover (%): | 89 |
| Total Advisory Fees Paid ($): | 4482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 34.0 |
| Derivative Instruments | 29.6 |
| Non-U.S. Government Agency ABS | 22.2 |
| Financials | 13.7 |
| Government Securities | 7.9 |
| Energy | 4.6 |
| Utilities | 3.9 |
| Communication Services | 3.8 |
| Consumer Discretionary | 3.7 |
| Industrials | 2.8 |
| Other Sectors | 11.8 |
| **Total Net Assets** | 138.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (6.9) |
| **Total Net Assets** | **(6.9)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Western Asset Global Multi-Sector Bond Fund was merged into the Fund and shareholders of the JNL/Western Asset Global Multi-Sector Bond Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Newton Equity Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Newton Equity Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $94 | 0.86% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Newton Equity Income Fund outperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 18.97% for Class A shares compared to 18.83% for the Index. The outperformance was primarily driven by positive stock selection in materials, industrials, and information technology.  | For the year ended December 31, 2025, JNL/Newton Equity Income Fund outperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 18.97% for Class A shares compared to 18.83% for the Index. The outperformance was primarily driven by positive stock selection in materials, industrials, and information technology.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to real estate companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Johnson & Johnson  |
| Newmont Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| International Paper Company  |
| The PNC Financial Services Group, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Newton Equity Income Fund**

![](img_0046533c189e4.jpg)

<br> JNL/Newton Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Newton Equity Income Fund (Class A) | 18.97% | 16.19% | 13.21% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3826039 |
| Number of Investments: | 74 |
| Portfolio Turnover (%): | 77 |
| Total Advisory Fees Paid ($): | 13291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 29.5 |
| Health Care | 16.2 |
| Industrials | 13.8 |
| Information Technology | 10.3 |
| Energy | 9.0 |
| Materials | 5.8 |
| Communication Services | 4.5 |
| Consumer Discretionary | 4.3 |
| Other Short Term Investments | 3.1 |
| Utilities | 1.5 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PIMCO Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $104 | 0.99% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 11.07% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven to intermediate maturity interest rates and emerging market debt. | For the year ended December 31, 2025, JNL/PIMCO Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 11.07% for Class A shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven to intermediate maturity interest rates and emerging market debt. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to emerging markets sovereign bonds |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Income Fund**

![](img_d235c8c070dc4.jpg)

<br> JNL/PIMCO Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/PIMCO Income Fund (Class A) | 11.07% | 3.40% | 3.66% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1887326 |
| Number of Investments: | 1142 |
| Portfolio Turnover (%): | 19 |
| Total Advisory Fees Paid ($): | 7695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 125.3 |
| U.S. Government Agency MBS | 62.0 |
| Non-U.S. Government Agency ABS | 28.1 |
| Other Short Term Investments | 25.6 |
| Government Securities | 22.0 |
| Financials | 3.5 |
| Communication Services | 2.8 |
| Health Care | 1.7 |
| Energy | 1.6 |
| Industrials | 1.2 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 276.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (91.7) |
| **Total Net Assets** | **(91.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Investment Grade Credit Bond Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PIMCO Investment Grade Credit Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $89 | 0.85% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Investment Grade Credit Bond Fund outperformed the Bloomberg U.S. Credit Index by posting a return of 8.37% for Class A shares compared to 7.83% for the Index. The Fund's outperformance was primarily driven by a preference for US interest rates with intermediate maturities. | For the year ended December 31, 2025, JNL/PIMCO Investment Grade Credit Bond Fund outperformed the Bloomberg U.S. Credit Index by posting a return of 8.37% for Class A shares compared to 7.83% for the Index. The Fund's outperformance was primarily driven by a preference for US interest rates with intermediate maturities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to emerging markets sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to government bond futures contracts |
| ⬥ | exposure to interest rate swaps |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Treasury Note, United States Department of  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Investment Grade Credit Bond Fund**

![](img_27dd01e8312c4.jpg)

<br> JNL/PIMCO Investment Grade Credit Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PIMCO Investment Grade Credit Bond Fund (Class A) | 8.37% | -0.31% | 3.28% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 7.83% | -0.05% | 3.15% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 789939 |
| Number of Investments: | 968 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 2936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 103.8 |
| Financials | 30.9 |
| Government Securities | 10.1 |
| Energy | 9.3 |
| Utilities | 9.2 |
| Real Estate | 7.8 |
| Health Care | 7.2 |
| U.S. Government Agency MBS | 7.1 |
| Non-U.S. Government Agency ABS | 5.4 |
| Industrials | 3.9 |
| Other Sectors | 13.3 |
| **Total Net Assets** | 208.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (33.4) |
| **Total Net Assets** | **(33.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Real Return Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PIMCO Real Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $175 | 1.68% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Real Return Fund outperformed the Bloomberg U.S. Treasury: U.S. TIPS Index by posting a return of 7.82% for Class A shares compared to 7.01% for the Index. The Fund's outperformance was primarily driven by an overweight to intermediate maturity US TIPS, coupled with exposure to securitized credit. | For the year ended December 31, 2025, JNL/PIMCO Real Return Fund outperformed the Bloomberg U.S. Treasury: U.S. TIPS Index by posting a return of 7.82% for Class A shares compared to 7.01% for the Index. The Fund's outperformance was primarily driven by an overweight to intermediate maturity US TIPS, coupled with exposure to securitized credit. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to Treasury Inflation-Protected Securities (TIPS) |
| ⬥ | exposure to interest rate swaps |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to government bond futures contracts |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| U.S. Treasury Inflation Indexed Securities  |
| Segretariato Generale Della Presidenza Della Repubblica  |
| Top Detractor(s)  |
| Futures Contract  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Real Return Fund**

![](img_8a6ee5a9fa454.jpg)

<br> JNL/PIMCO Real Return Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PIMCO Real Return Fund (Class A) | 7.82% | 1.24% | 3.14% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Treasury: U.S. TIPS Index (reflects no deduction for fees, expenses, or taxes) | 7.01% | 1.13% | 3.09% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1111483 |
| Number of Investments: | 574 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 4322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 109.9 |
| Derivative Instruments | 71.0 |
| U.S. Government Agency MBS | 18.1 |
| Non-U.S. Government Agency ABS | 9.4 |
| Other Short Term Investments | 2.6 |
| Communication Services | 0.6 |
| Financials | 0.2 |
| Consumer Discretionary | 0.0 |
| Information Technology | 0.0 |
| **Total Net Assets** | 211.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (67.9) |
| Government Securities | (2.8) |
| **Total Net Assets** | **(70.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America High Yield Bond Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PPM America High Yield Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $78 | 0.75% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America High Yield Bond Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 8.43% for Class A shares compared to 8.62% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  | For the year ended December 31, 2025, JNL/PPM America High Yield Bond Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 8.43% for Class A shares compared to 8.62% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to basic industry companies |
| ⬥ | exposure to emerging markets sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to auto part broadly syndicated loans |
| ⬥ | exposure to below investment grade wireless communication bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Carnival Corporation  |
| Gray Television, Inc.  |
| Marb Bondco PLC  |
| Top Detractor(s)  |
| PM General Purchaser LLC  |
| First Brands Group, LLC  |
| Liberty Media Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America High Yield Bond Fund**

![](img_0cb39b3fe54d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PPM America High Yield Bond Fund (Class A) | 8.43% | 4.27% | 5.89% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes) | 8.62% | 4.50% | 6.52% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/PPM America High Yield Bond Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1322058 |
| Number of Investments: | 331 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 4726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 15.2 |
| Consumer Discretionary | 14.7 |
| Industrials | 12.1 |
| Energy | 11.7 |
| Communication Services | 11.4 |
| Information Technology | 9.3 |
| Health Care | 6.1 |
| Securities Lending Collateral | 5.8 |
| Consumer Staples | 4.8 |
| Other Short Term Investments | 4.4 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 104.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Investment Grade Credit Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PPM America Investment Grade Credit Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $86 | 0.83% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America Investment Grade Credit Fund underperformed the Bloomberg U.S. Credit Index by posting a return of 7.20% for Class A shares compared to 7.83% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  | For the year ended December 31, 2025, JNL/PPM America Investment Grade Credit Fund underperformed the Bloomberg U.S. Credit Index by posting a return of 7.20% for Class A shares compared to 7.83% for the Index. Fund net underperformance was primarily driven by expenses as the Fund outperformed on a gross of fee basis.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to non-us sovereign and corporate high yield bonds |
| ⬥ | exposure to U.S. Treasury Bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to Industrial investment grade corporate bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Bond, United States Department of  |
| Bank of America Corporation  |
| International Bank for Reconstruction and Developm  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America Investment Grade Credit Fund**

![](img_61a2d571db354.jpg)

<br> JNL/PPM America Investment Grade Credit Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 29, 2024) |
| JNL/PPM America Investment Grade Credit Fund (Class A) | 7.20% | 6.76% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 7.12% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 7.83% | 7.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 186478 |
| Number of Investments: | 401 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 34.5 |
| Health Care | 10.3 |
| Utilities | 8.1 |
| Industrials | 6.5 |
| Communication Services | 6.3 |
| Consumer Staples | 6.1 |
| Information Technology | 5.7 |
| Energy | 5.4 |
| Non-U.S. Government Agency ABS | 5.1 |
| Government Securities | 4.3 |
| Other Sectors | 12.0 |
| **Total Net Assets** | 104.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (2.0) |
| **Total Net Assets** | **(2.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Total Return Fund |  |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/PPM America Total Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $82 | 0.79% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America Total Return Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 6.75% for Class A shares compared to 7.30% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and bank loans. | For the year ended December 31, 2025, JNL/PPM America Total Return Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 6.75% for Class A shares compared to 7.30% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and bank loans. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | exposure to agency mortgage-backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to bank loans |
| ⬥ | exposure to securitized credit |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Futures Contract  |
| Federal Home Loan Mortgage Corporation  |
| Top Detractor(s)  |
| First Brands Group, LLC  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America Total Return Fund**

![](img_2e060ad488d24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PPM America Total Return Fund (Class A) | 6.75% | -0.26% | 2.65% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

JNL/PPM America Total Return Fund<br>

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1363991 |
| Number of Investments: | 453 |
| Portfolio Turnover (%): | 106 |
| Total Advisory Fees Paid ($): | 5513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 40.7 |
| U.S. Government Agency MBS | 18.6 |
| Financials | 12.3 |
| Derivative Instruments | 12.0 |
| Non-U.S. Government Agency ABS | 11.3 |
| Consumer Discretionary | 2.7 |
| Utilities | 1.9 |
| Communication Services | 1.9 |
| Industrials | 1.9 |
| Materials | 1.7 |
| Other Sectors | 6.4 |
| **Total Net Assets** | 111.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.3) |
| **Total Net Assets** | **(4.3)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Fundamental U.S. Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/RAFI Fundamental U.S. Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $69 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/RAFI Fundamental U.S. Small Cap Fund underperformed the RAFI<sup>®</sup> Fundamental US Small Company Index by posting a return of 6.80% for Class A shares compared to 7.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/RAFI Fundamental U.S. Small Cap Fund underperformed the RAFI<sup>®</sup> Fundamental US Small Company Index by posting a return of 6.80% for Class A shares compared to 7.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to transportation companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ciena Corporation  |
| Lumentum Holdings Inc.  |
| Robinhood Markets, Inc.  |
| Top Detractor(s)  |
| Newell Brands Inc.  |
| Deckers Outdoor Corporation  |
| Zebra Technologies Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/RAFI Fundamental U.S. Small Cap Fund**

![](img_2dc54b67cb714.jpg)

<br> JNL/RAFI Fundamental U.S. Small Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/RAFI Fundamental U.S. Small Cap Fund (Class A) | 6.80% | 9.19% | 6.85% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| RAFI<sup>®</sup> Fundamental US Small Company Index (reflects no deduction for fees, expenses, or taxes) | 7.51% | 9.93% | 10.38% |
| Morningstar<sup>®</sup> US Small Cap Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 11.86% | 6.94% | 9.67% |
| RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 376638 |
| Number of Investments: | 951 |
| Portfolio Turnover (%): | 26 |
| Total Advisory Fees Paid ($): | 691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.0 |
| Financials | 16.1 |
| Consumer Discretionary | 14.6 |
| Information Technology | 11.7 |
| Health Care | 9.4 |
| Real Estate | 8.8 |
| Energy | 5.2 |
| Materials | 4.8 |
| Consumer Staples | 3.3 |
| Communication Services | 3.3 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 101.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Multi-Factor U.S. Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/RAFI Multi-Factor U.S. Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $72 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/RAFI Multi-Factor U.S. Equity Fund underperformed the RAFI<sup>®</sup> Multi-Factor US Index by posting a return of 16.21% for Class A shares compared to 16.95% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/RAFI Multi-Factor U.S. Equity Fund underperformed the RAFI<sup>®</sup> Multi-Factor US Index by posting a return of 16.21% for Class A shares compared to 16.95% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Broadcom Inc.  |
| Citigroup Inc.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| Former Charter Communications Parent, Inc.  |
| Target Corporation  |
| Procter & Gamble Company, The  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/RAFI Multi-Factor U.S. Equity Fund**

![](img_e4f7986c6bca4.jpg)

<br> JNL/RAFI Multi-Factor U.S. Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/RAFI Multi-Factor U.S. Equity Fund (Class A) | 16.21% | 12.43% | 10.83% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| RAFI<sup>®</sup> Multi-Factor US Index (reflects no deduction for fees, expenses, or taxes) | 16.95% | 13.16% | 12.61% |
| RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2077116 |
| Number of Investments: | 842 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 3656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 18.5 |
| Financials | 15.4 |
| Health Care | 15.0 |
| Industrials | 12.1 |
| Consumer Staples | 10.0 |
| Consumer Discretionary | 9.9 |
| Communication Services | 7.2 |
| Energy | 4.6 |
| Materials | 2.9 |
| Utilities | 2.1 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $104 | 0.96% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Balanced Fund underperformed the 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index by posting a return of 15.65% for Class A shares compared to 16.82% for the Index. Stock selection within Information Technology and Communication Services drove some of the underperformance. | For the year ended December 31, 2025, JNL/T. Rowe Price Balanced Fund underperformed the 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index by posting a return of 15.65% for Class A shares compared to 16.82% for the Index. Stock selection within Information Technology and Communication Services drove some of the underperformance. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to financial companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to container/packaging |
| ⬥ | exposure to building products |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Novo Nordisk A/S  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Balanced Fund**

![](img_171b94d4bed94.jpg)

<br> JNL/T. Rowe Price Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Balanced Fund (Class A) | 15.65% | 7.06% | 7.94% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.83% |
| 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.82% | 8.19% | 9.16% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 587523 |
| Number of Investments: | 1556 |
| Portfolio Turnover (%): | 56 |
| Total Advisory Fees Paid ($): | 2821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 16.0 |
| Financials | 14.6 |
| Government Securities | 10.5 |
| Industrials | 8.1 |
| Consumer Discretionary | 8.0 |
| U.S. Government Agency MBS | 7.4 |
| Health Care | 7.2 |
| Communication Services | 6.1 |
| Energy | 4.1 |
| Materials | 3.8 |
| Other Sectors | 17.3 |
| **Total Net Assets** | 103.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $100 | 0.95% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Fund underperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 11.46% for Class A shares compared to 13.70% for the Index. The underperformance was driven primarily by stock selection within information technology. | For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Fund underperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 11.46% for Class A shares compared to 13.70% for the Index. The underperformance was driven primarily by stock selection within information technology. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to insurance companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| Becton, Dickinson and Company  |
| Reinvent Technology Partners Y  |
| UnitedHealth Group Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Capital Appreciation Fund**

![](img_037a4e7b10f14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Capital Appreciation Fund (Class A) | 11.46% | 9.00% | 10.79% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.70% | 8.47% | 9.78% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/T. Rowe Price Capital Appreciation Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 14817478 |
| Number of Investments: | 226 |
| Portfolio Turnover (%): | 124 |
| Total Advisory Fees Paid ($): | 74212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.9 |
| Government Securities | 16.3 |
| Health Care | 13.7 |
| Financials | 12.9 |
| Consumer Discretionary | 9.5 |
| Utilities | 7.4 |
| Communication Services | 5.9 |
| Industrials | 3.9 |
| Other Short Term Investments | 2.7 |
| Energy | 1.1 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 100.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.3) |
| **Total Net Assets** | **(0.3)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets over $1 billion and the Fund's total expense ratio decreased by 0.01%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $106 | 0.99% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Equity Fund underperformed the S&P 500 Index by posting a return of 14.63% for Class A shares compared to 17.88% for the Index. The underperformance was driven primarily by stock selection within information technology. | For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Equity Fund underperformed the S&P 500 Index by posting a return of 14.63% for Class A shares compared to 17.88% for the Index. The underperformance was driven primarily by stock selection within information technology. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to insurance companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Advanced Micro Devices, Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Becton, Dickinson and Company  |
| Revvity, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Capital Appreciation Equity Fund**

![](img_5d64abf9508a4.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (October 21, 2024) |
| JNL/T. Rowe Price Capital Appreciation Equity Fund (Class A) | 14.63% | 11.24% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 15.26% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/T. Rowe Price Capital Appreciation Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 962571 |
| Number of Investments: | 93 |
| Portfolio Turnover (%): | 82 |
| Total Advisory Fees Paid ($): | 4474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.1 |
| Health Care | 17.9 |
| Financials | 11.4 |
| Consumer Discretionary | 10.9 |
| Utilities | 9.9 |
| Communication Services | 8.3 |
| Industrials | 3.9 |
| Energy | 1.4 |
| Consumer Staples | 0.9 |
| Materials | 0.8 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective August 28, 2025, the Fund removed the prescribed number of securities it seeks to maintain in the portfolio to allow for more flexibility in managing the Fund's portfolio to the current market environment. As a result, the Fund no longer seeks to maintain approximately 100 securities in the portfolio. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.030% of management fees on the Fund's net assets and the Fund's management fee rate and total expense ratio decreased by 0.03%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Growth Stock Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Growth Stock Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $89 | 0.83% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Growth Stock Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 15.26% for Class A shares compared to 16.67% for the Index. The underperformance was driven primarily by stock selection within information technology and consumer discretionary. | For the year ended December 31, 2025, JNL/T. Rowe Price Growth Stock Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 15.26% for Class A shares compared to 16.67% for the Index. The underperformance was driven primarily by stock selection within information technology and consumer discretionary. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to consumer services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Lululemon Athletica Inc.  |
| Chipotle Mexican Grill, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Growth Stock Fund**

![](img_2699e7231ada4.jpg)

<br> JNL/T. Rowe Price Growth Stock Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Growth Stock Fund (Class A) | 15.26% | 9.19% | 14.06% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 16.49% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9516031 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 41593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 53.1 |
| Communication Services | 14.9 |
| Consumer Discretionary | 13.8 |
| Health Care | 7.5 |
| Financials | 5.9 |
| Industrials | 3.6 |
| Materials | 0.6 |
| Real Estate | 0.4 |
| Consumer Staples | 0.2 |
| Other Short Term Investments | 0.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective from March 1, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived 0.100% of management fees on the Fund's net assets up to $150 million and 0.050% on net assets between $150 million and $500 million and the Fund's management fee rate and total expense ratio each decreased by less than 0.01%. Effective April 28, 2025, this voluntary management fee waiver was converted to contractual management fee reductions.<br>Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets over $10 billion. As a result, the Fund's management fee rate and total expense ratio are expected to decrease when the Fund's assets exceed $10 billion. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Mid-Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Mid-Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $99 | 0.97% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Mid-Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 3.14% for Class A shares compared to 6.78% for the Index. The underperformance was driven primarily by stock selection within industrials and health care. | For the year ended December 31, 2025, JNL/T. Rowe Price Mid-Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 3.14% for Class A shares compared to 6.78% for the Index. The underperformance was driven primarily by stock selection within industrials and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to energy companies |
| ⬥ | exposure to consumer staples distribution and retail companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to media & entertainment |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alnylam Pharmaceuticals, Inc.  |
| Ionis Pharmaceuticals, Inc.  |
| Dollar Tree, Inc.  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Marvell Technology Group Ltd  |
| Avantor, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Mid-Cap Growth Fund**

![](img_6ed80fe981334.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Mid-Cap Growth Fund (Class A) | 3.14% | 3.52% | 9.54% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.78% | 6.07% | 11.88% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/T. Rowe Price Mid-Cap Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4396111 |
| Number of Investments: | 125 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 26893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 21.0 |
| Information Technology | 19.1 |
| Consumer Discretionary | 18.2 |
| Industrials | 15.0 |
| Financials | 8.3 |
| Communication Services | 4.9 |
| Energy | 4.1 |
| Consumer Staples | 3.2 |
| Other Short Term Investments | 3.1 |
| Materials | 2.7 |
| Other Sectors | 0.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.030% of management fees on the Fund's net assets up to $3 billion and 0.020% on net assets over $3 billion and the Fund's management fee rate and total expense ratio decreased by 0.03%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Short-Term Bond Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Short-Term Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $74 | 0.72% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Short-Term Bond Fund outperformed the Bloomberg 1-3 Yr Gov/Credit Index by posting a return of 5.44% for Class A shares compared to 5.35% for the Index. The outperformance was primarily driven by overweights in mortgage backed securities, securitized credit, and investment credit corporate credit. | For the year ended December 31, 2025, JNL/T. Rowe Price Short-Term Bond Fund outperformed the Bloomberg 1-3 Yr Gov/Credit Index by posting a return of 5.44% for Class A shares compared to 5.35% for the Index. The outperformance was primarily driven by overweights in mortgage backed securities, securitized credit, and investment credit corporate credit. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to securitized credit |
| ⬥ | exposure to short and intermediate duration Treasury notes |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to investment grade apparel/footwear bonds |
| ⬥ | exposure to investment grade precious metal bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Short-Term Bond Fund**

![](img_e615013a03924.jpg)

<br> JNL/T. Rowe Price Short-Term Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Short-Term Bond Fund (Class A) | 5.44% | 1.91% | 2.12% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg 1-3 Yr Gov/Credit Index (reflects no deduction for fees, expenses, or taxes) | 5.35% | 1.97% | 2.09% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1084922 |
| Number of Investments: | 893 |
| Portfolio Turnover (%): | 103 |
| Total Advisory Fees Paid ($): | 3421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 34.0 |
| Non-U.S. Government Agency ABS | 29.0 |
| Government Securities | 18.7 |
| Financials | 12.0 |
| U.S. Government Agency MBS | 8.9 |
| Energy | 4.0 |
| Industrials | 3.9 |
| Other Short Term Investments | 3.6 |
| Health Care | 3.4 |
| Consumer Staples | 3.2 |
| Other Sectors | 13.2 |
| **Total Net Assets** | 133.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.5) |
| **Total Net Assets** | **(8.5)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in credit default index swap indexes ("CDX") and mortgage-backed securities. As a result, the Fund uses CDX to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a reference index) rather than transacting in a single-name credit default swap and uses mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" market as a means of adjusting the fund's duration and gaining exposure to investment-grade bonds. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price U.S. High Yield Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price U.S. High Yield Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $95 | 0.92% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price U.S. High Yield Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 7.60% for Class A shares compared to 8.62% for the Index. The underperformance was primarily driven by selection in high yield corporate bonds. | For the year ended December 31, 2025, JNL/T. Rowe Price U.S. High Yield Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 7.60% for Class A shares compared to 8.62% for the Index. The underperformance was primarily driven by selection in high yield corporate bonds. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | exposure to high yield industrial bonds |
| ⬥ | exposure to high yield finance bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to below investment grade financial conglomerate bonds |
| ⬥ | exposure to below investment grade integrated oil bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Anywhere Real Estate Group LLC  |
| Herbalife International, Inc.  |
| Ladenburg Thalmann Financial Services Inc.  |
| Top Detractor(s)  |
| Saks Global Enterprises LLC  |
| Venture Global LNG, Inc.  |
| Vital Energy, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price U.S. High Yield Fund**

![](img_b2c92d2440a84.jpg)

<br> JNL/T. Rowe Price U.S. High Yield Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (April 25, 2016) |
| JNL/T. Rowe Price U.S. High Yield Fund (Class A) | 7.60% | 3.36% | 3.95% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.77% |
| Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes) | 8.62% | 4.50% | 6.05% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 257980 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 76 |
| Total Advisory Fees Paid ($): | 2017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 16.0 |
| Energy | 13.9 |
| Consumer Discretionary | 13.9 |
| Financials | 12.7 |
| Industrials | 9.0 |
| Information Technology | 7.5 |
| Health Care | 6.7 |
| Utilities | 5.0 |
| Real Estate | 4.0 |
| Other Short Term Investments | 3.6 |
| Other Sectors | 9.3 |
| **Total Net Assets** | 101.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Value Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $91 | 0.86% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 12.00% for Class A shares compared to 18.83% for the Index. Stock selection within communication services and health care drove the bulk of the underperformance. | For the year ended December 31, 2025, JNL/T. Rowe Price Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 12.00% for Class A shares compared to 18.83% for the Index. Stock selection within communication services and health care drove the bulk of the underperformance. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Alphabet Inc.  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| International Paper Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Value Fund**

![](img_07aeb090844b4.jpg)

<br> JNL/T. Rowe Price Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Value Fund (Class A) | 12.00% | 10.54% | 10.56% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4059938 |
| Number of Investments: | 108 |
| Portfolio Turnover (%): | 55 |
| Total Advisory Fees Paid ($): | 20392 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 21.9 |
| Industrials | 15.8 |
| Information Technology | 12.5 |
| Health Care | 11.8 |
| Energy | 7.7 |
| Consumer Discretionary | 7.2 |
| Communication Services | 6.9 |
| Consumer Staples | 5.1 |
| Materials | 4.2 |
| Utilities | 4.0 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to update the particular sectors in which it may have significant investments. As a result, the Fund may significantly invest in the industrials and business services sector and no longer significantly invests in the healthcare sector. Along with this change, the Fund revised its principal risks to list "industrial companies risk" and "business services sector risk" as principal risks associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.070% of management fees on the Fund's net assets up to $150 million, 0.030% on net assets between $1 billion and $3 billion, and 0.020% on net assets over $3 billion, and the Fund's management fee rate and total expense ratio decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WCM China Quality Growth Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WCM China Quality Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $150 | 1.34% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WCM China Quality Growth Fund underperformed the Morningstar<sup>®</sup> China IndexSM (Net) by posting a return of 23.49% for Class A shares compared to 31.44% for the Index. The underperformance was primarily driven by stock selection in healthcare and consumer discretionary, and an underweight to materials. | For the year ended December 31, 2025, JNL/WCM China Quality Growth Fund underperformed the Morningstar<sup>®</sup> China IndexSM (Net) by posting a return of 23.49% for Class A shares compared to 31.44% for the Index. The underperformance was primarily driven by stock selection in healthcare and consumer discretionary, and an underweight to materials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to China, Taiwan and Hong Kong equities |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care companies |
| ⬥ | exposure to material companies |
| ⬥ | exposure to consumer staples |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Tencent Holdings Limited  |
| Meitu, Inc.  |
| Cloud Village Inc.  |
| Top Detractor(s)  |
| MARUWA Co., Ltd.  |
| Meituan  |
| Kingsoft Cloud Holdings Limited  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WCM China Quality Growth Fund**

![](img_c072ea02b7d04.jpg)

<br> JNL/WCM China Quality Growth Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/WCM China Quality Growth Fund (Class A) | 23.49% | 1.23% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 10.03% |
| Morningstar<sup>®</sup> China IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.44% | 8.71% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 11424 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 150 |
| Total Advisory Fees Paid ($): | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 27.7 |
| Information Technology | 21.0 |
| Consumer Discretionary | 19.7 |
| Communication Services | 18.1 |
| Financials | 6.3 |
| Consumer Staples | 2.6 |
| Other Short Term Investments | 2.6 |
| Securities Lending Collateral | 2.1 |
| Health Care | 2.0 |
| **Total Net Assets** | 102.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WCM Focused International Equity Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WCM Focused International Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $122 | 1.10% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WCM Focused International Equity Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 21.41% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by stock selection in the financials, information technology, and healthcare sectors.  | For the year ended December 31, 2025, JNL/WCM Focused International Equity Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 21.41% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by stock selection in the financials, information technology, and healthcare sectors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Siemens Energy AG  |
| Rolls-Royce PLC  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Top Detractor(s)  |
| Novo Nordisk A/S  |
| Icon Public Limited Company  |
| Meituan  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WCM Focused International Equity Fund**

![](img_f0c2c102ff3e4.jpg)

<br> JNL/WCM Focused International Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WCM Focused International Equity Fund (Class A) | 21.41% | 4.80% | 10.63% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2183211 |
| Number of Investments: | 39 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 13201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 31.8 |
| Information Technology | 20.8 |
| Financials | 16.3 |
| Consumer Discretionary | 9.3 |
| Communication Services | 7.4 |
| Health Care | 4.3 |
| Other Short Term Investments | 3.5 |
| Consumer Staples | 3.5 |
| Materials | 1.6 |
| Energy | 1.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/Westchester Capital Event Driven Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/Westchester Capital Event Driven Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $158 | 1.52% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Westchester Capital Event Driven Fund outperformed the Wilshire Liquid Alternative Event Driven IndexSM by posting a return of 7.39% for Class A shares compared to 3.50% for the Index. The Fund's outperformance was primarily driven by idiosyncratic selection within the merger arbitrage segment. | For the year ended December 31, 2025, JNL/Westchester Capital Event Driven Fund outperformed the Wilshire Liquid Alternative Event Driven IndexSM by posting a return of 7.39% for Class A shares compared to 3.50% for the Index. The Fund's outperformance was primarily driven by idiosyncratic selection within the merger arbitrage segment. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to Chevron Co.'s acquisition of Hess Co. |
| ⬥ | exposure to Nippon Steel Co.'s acquisition of U.S. Steel Co. |
| ⬥ | exposure to Special Purpose Acquisition Companies (SPACs) |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to medical supplies companies |
| ⬥ | exposure to mining companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Mr. Cooper Group Inc.  |
| Warner Bros. Discovery, Inc.  |
| Total Return Swap Agreement  |
| Top Detractor(s)  |
| Rocket Companies, Inc.  |
| Palo Alto Networks, Inc.  |
| Forward Foreign Currency Contracts  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Westchester Capital Event Driven Fund**

![](img_815dd7e39c814.jpg)

<br> JNL/Westchester Capital Event Driven Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Westchester Capital Event Driven Fund (Class A) | 7.39% | 3.59% | 4.88% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Wilshire Liquid Alternative Event Driven IndexSM (reflects no deduction for fees, expenses, or taxes) | 3.50% | 1.61% | 2.55% |
| Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 47452 |
| Number of Investments: | 371 |
| Portfolio Turnover (%): | 291 |
| Total Advisory Fees Paid ($): | 501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 53.3 |
| Communication Services | 25.0 |
| Financials | 21.7 |
| Industrials | 14.0 |
| Health Care | 4.8 |
| Other Short Term Investments | 4.7 |
| Consumer Discretionary | 4.5 |
| Information Technology | 4.2 |
| Materials | 3.0 |
| Investment Companies | 2.9 |
| Other Sectors | 7.9 |
| **Total Net Assets** | 146.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (18.0) |
| Materials | (0.6) |
| Investment Companies | (0.3) |
| Information Technology | (0.1) |
| Industrials | (0.0) |
| **Total Net Assets** | **(19.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/William Blair International Leaders Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/William Blair International Leaders Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $108 | 0.97% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/William Blair International Leaders Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 23.50% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, Japan, and the financials sectors. | For the year ended December 31, 2025, JNL/William Blair International Leaders Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 23.50% for Class A shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, Japan, and the financials sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth equities |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Japanese companies |
| ⬥ | exposure to Denmark |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| SK Hynix Inc.  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Banco Bilbao Vizcaya Argentaria, S.A.  |
| Top Detractor(s)  |
| Recruit Holdings Co., Ltd.  |
| Atlassian Corporation PLC  |
| ASM International N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/William Blair International Leaders Fund**

![](img_3bbc353a61574.jpg)

<br> JNL/William Blair International Leaders Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/William Blair International Leaders Fund (Class A) | 23.50% | 1.90% | 5.17% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 997460 |
| Number of Investments: | 65 |
| Portfolio Turnover (%): | 86 |
| Total Advisory Fees Paid ($): | 5071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 23.4 |
| Financials | 23.0 |
| Industrials | 17.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 8.7 |
| Communication Services | 7.6 |
| Utilities | 4.2 |
| Materials | 4.1 |
| Derivative Instruments | 0.1 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WMC Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $77 | 0.71% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Balanced Fund outperformed the 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index by posting a return of 15.69% for Class A shares compared to 14.23% for the Index. The outperformance was driven primarily by stock selection within information technology and financials. | For the year ended December 31, 2025, JNL/WMC Balanced Fund outperformed the 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index by posting a return of 15.69% for Class A shares compared to 14.23% for the Index. The outperformance was driven primarily by stock selection within information technology and financials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer staples distribution and retail companies |
| ⬥ | exposure to chemical companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| ServiceNow, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Balanced Fund**

![](img_5129ae65a9c84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Balanced Fund (Class A) | 15.69% | 8.90% | 9.27% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 14.23% | 9.21% | 10.42% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/WMC Balanced Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9331509 |
| Number of Investments: | 634 |
| Portfolio Turnover (%): | 99 |
| Total Advisory Fees Paid ($): | 28838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 21.8 |
| Government Securities | 16.3 |
| Financials | 11.9 |
| U.S. Government Agency MBS | 9.1 |
| Consumer Discretionary | 7.6 |
| Health Care | 7.5 |
| Communication Services | 7.2 |
| Industrials | 4.6 |
| Consumer Staples | 3.0 |
| Utilities | 2.8 |
| Other Sectors | 8.9 |
| **Total Net Assets** | 100.7 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (1.2) |
| **Total Net Assets** | **(1.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Equity Income Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WMC Equity Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $96 | 0.89% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Equity Income Fund outperformed the Morningstar<sup>®</sup> Dividend Composite IndexSM by posting a return of 16.72% for Class A shares compared to 15.49% for the Index. The outperformance was primarily driven by positive stock selection in materials, information technology, and industrials. | For the year ended December 31, 2025, JNL/WMC Equity Income Fund outperformed the Morningstar<sup>®</sup> Dividend Composite IndexSM by posting a return of 16.72% for Class A shares compared to 15.49% for the Index. The outperformance was primarily driven by positive stock selection in materials, information technology, and industrials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to U.S. large cap technology companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to telecommunication services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Broadcom Inc.  |
| Johnson & Johnson  |
| JPMorgan Chase & Co.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Accenture Public Limited Company  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Equity Income Fund**

![](img_1e5a5f2f46de4.jpg)

<br> JNL/WMC Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/WMC Equity Income Fund (Class A) | 16.72% | 12.08% | 10.25% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> Dividend Composite IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.49% | 12.45% | 11.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 921803 |
| Number of Investments: | 76 |
| Portfolio Turnover (%): | 67 |
| Total Advisory Fees Paid ($): | 4136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.5 |
| Health Care | 17.5 |
| Information Technology | 12.4 |
| Industrials | 10.9 |
| Consumer Staples | 9.1 |
| Utilities | 8.6 |
| Energy | 6.7 |
| Consumer Discretionary | 5.1 |
| Materials | 4.4 |
| Real Estate | 3.5 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Global Real Estate Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WMC Global Real Estate Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $108 | 1.03% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Global Real Estate Fund underperformed the FTSE EPRA NAREIT Developed Index by posting a return of 9.27% for Class A shares compared to 9.57% for the Index. Relative overweight positions in Australia and Switzerland drove most of the outperformance in 2025 on a gross basis, but the Fund underperformed as a result of management fees on a net basis. | For the year ended December 31, 2025, JNL/WMC Global Real Estate Fund underperformed the FTSE EPRA NAREIT Developed Index by posting a return of 9.27% for Class A shares compared to 9.57% for the Index. Relative overweight positions in Australia and Switzerland drove most of the outperformance in 2025 on a gross basis, but the Fund underperformed as a result of management fees on a net basis. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to Japanese equities |
| ⬥ | exposure to European equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| American Healthcare REIT, Inc.  |
| Brookdale Senior Living Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| SL Green Realty Corp.  |
| Iron Mountain Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Global Real Estate Fund**

![](img_ac6187dca00e4.jpg)

<br> JNL/WMC Global Real Estate Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Global Real Estate Fund (Class A) | 9.27% | 3.00% | 2.80% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| FTSE EPRA NAREIT Developed Index (reflects no deduction for fees, expenses, or taxes) | 9.57% | 2.76% | 3.25% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 535769 |
| Number of Investments: | 57 |
| Portfolio Turnover (%): | 117 |
| Total Advisory Fees Paid ($): | 3245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 88.4 |
| Consumer Discretionary | 4.3 |
| Securities Lending Collateral | 3.3 |
| Industrials | 2.6 |
| Health Care | 1.8 |
| Financials | 1.6 |
| Information Technology | 0.6 |
| Other Short Term Investments | 0.2 |
| **Total Net Assets** | 102.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Value Fund | |
| Annual Shareholder Report |  |
| Share Class A | December 31, 2025 |

---

![](img_b14f0c9b89274.jpg)

**This shareholder report contains important information about JNL/WMC Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $85 | 0.79% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.67% for Class A shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to communication services.  | For the year ended December 31, 2025, JNL/WMC Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.67% for Class A shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to communication services.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to communication services companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to automobiles and components companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| JPMorgan Chase & Co.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Centene Corporation  |
| Gentex Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Value Fund**

![](img_ba775eddfc4a4.jpg)

<br> JNL/WMC Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Value Fund (Class A) | 14.67% | 10.91% | 9.80% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 972238 |
| Number of Investments: | 65 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 4006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.2 |
| Health Care | 17.1 |
| Information Technology | 11.5 |
| Industrials | 11.2 |
| Energy | 6.9 |
| Communication Services | 6.5 |
| Consumer Staples | 5.7 |
| Utilities | 5.6 |
| Consumer Discretionary | 5.2 |
| Real Estate | 2.8 |
| Other Sectors | 2.4 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_01ce380295fa4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $66 | 0.61% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Balanced Fund outperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 15.83% for Class I shares compared to 13.70% for the Index.  |

---

The Fund seeks high total return (including income and capital gains) consistent with preservation of capital over the long-term through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Asset Allocation FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Balanced Fund**

![](img_08a553aacbc94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Balanced Fund (Class I) | 15.83% | 8.91% | 9.45% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Balanced Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3654468 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 72 |
| Total Advisory Fees Paid ($): | 7037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Bond Fund of America Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Bond Fund of America Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $56 | 0.54% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Bond Fund of America Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.13% for Class I shares compared to 7.30% for the Index.  |

---

The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - The Bond Fund of America<sup>®</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Bond Fund of America Fund**

![](img_9cc2fc58b2914.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL/American Funds Bond Fund of America Fund (Class I) | 7.13% | 0.15% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 0.14% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Bond Fund of America Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 501868 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 159 |
| Total Advisory Fees Paid ($): | 947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital Income Builder Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Capital Income Builder Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $72 | 0.65% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Capital Income Builder Fund outperformed the 70% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 30% Bloomberg U.S. Aggregate Index by posting a return of 20.22% for Class I shares compared to 17.66% for the Index.  |

---

The Fund seeks both to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years by investing through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital Income Builder FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Capital Income Builder Fund**

![](img_c0da19828fbb4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/American Funds Capital Income Builder Fund (Class I) | 20.22% | 8.95% | 8.10% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.41% |
| 70% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 30% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 17.66% | 7.73% | 8.75% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Capital Income Builder Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 560147 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 72 |
| Total Advisory Fees Paid ($): | 1388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Balanced | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Capital World Bond Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Capital World Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $78 | 0.75% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Capital World Bond Fund outperformed the Bloomberg Global Aggregate Index by posting a return of 9.19% for Class I shares compared to 8.17% for the Index.  |

---

The Fund seeks, over the long-term, a high level of total return consistent with prudent investment management through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital World Bond FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Capital World Bond Fund**

![](img_6bb1be5f7ee64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Capital World Bond Fund (Class I) | 9.19% | -2.54% | 1.19% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 8.17% | -2.15% | 1.26% |
| Consumer Price Index (reflects no deduction for fees, expenses, or taxes) | 2.68% | 4.46% | 3.20% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Capital World Bond Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 310806 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $85 | 0.77% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 21.55% for Class I shares compared to 22.23% for the Index.  |

---

The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Global Growth FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Global Growth Fund**

![](img_da595b0e17524.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/American Funds Global Growth Fund (Class I) | 21.55% | 8.16% | 11.69% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Global Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1131818 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 2603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective May 1, 2025, the Fund updated the allocation requirements for its permitted investments outside the United States through its master fund, the American Funds Insurance Series<sup>®</sup> - Global Growth FundSM (the "Master Fund"). As a result, under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States, and that percentage will represent at least (a) 40% of the Master Fund's net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies domiciled outside of the United States minus 5%, whichever is lower. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Global Small Capitalization Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Global Small Capitalization Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $100 | 0.93% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Global Small Capitalization Fund underperformed the Morningstar<sup>®</sup> Global Small Cap Target Market Exposure IndexSM (Net) by posting a return of 14.57% for Class I shares compared to 19.96% for the Index.  |

---

The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Global Small Capitalization FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Global Small Capitalization Fund**

![](img_1359077d3e594.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Global Small Capitalization Fund (Class I) | 14.57% | 0.44% | 7.19% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> Global Small Cap Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 19.96% | 6.65% | 8.93% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Global Small Capitalization Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 601723 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 1067 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Global Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund updated the definition for "small market capitalization" companies in which its master fund, the American Funds Insurance Series<sup>®</sup> - Global Small Capitalization FundSM ("Master Fund") invests, as companies with market capitalizations within or below the capitalization range of companies included in the MSCI All Country World Small Cap Index or the Russell 2000 Index, measured based on the maximum market capitalization of companies in either index within the last 12 months (previously defined as companies with market capitalizations of $6 billion or less). As part of this change, the market capitalization of the companies included in the MSCI ACWI Small Cap Index and the Russell 2000 Index will change with market conditions, and the Master Fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. As a result, the Master Fund's holdings of small capitalization stocks are no longer permitted to fall below the Fund's non-fundamental 80% investment policy due to subsequent market action.<br>Effective May 1, 2025, the Fund updated the allocation requirements for investments outside the United States through its master fund, the American Funds Insurance Series<sup>®</sup> - Global Small Capitalization FundSM ("Master Fund"). As a result, under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States, and that percentage will represent at least (a) 40% of the Master Fund's net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies domiciled outside of the United States minus 5%, whichever is lower.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $66 | 0.60% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth Fund outperformed the S&P 500 Index by posting a return of 20.23% for Class I shares compared to 17.88% for the Index.  |

---

The Fund seeks growth of capital through exclusive investment in Class 1 shares of American Funds Insurance Series<sup>®</sup> - Growth FundSM (the "Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth Fund**

![](img_c49cb95e90d04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/American Funds Growth Fund (Class I) | 20.23% | 13.36% | 18.15% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 8783613 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 12791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth-Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth-Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $66 | 0.61% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth-Income Fund outperformed the S&P 500 Index by posting a return of 17.99% for Class I shares compared to 17.88% for the Index.  |

---

The Fund seeks long-term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Growth Income FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth-Income Fund**

![](img_c854f84a9c634.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Growth-Income Fund (Class I) | 17.99% | 13.82% | 13.80% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Growth-Income Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 12552007 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 28805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds International Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds International Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $99 | 0.87% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds International Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 26.62% for Class I shares compared to 31.87% for the Index.  |

---

The Fund seeks long-term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – International FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds International Fund**

![](img_6be30468d3d94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds International Fund (Class I) | 26.62% | 3.30% | 6.89% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds International Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1451411 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 63 |
| Total Advisory Fees Paid ($): | 3225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds New World Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds New World Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $111 | 0.97% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds New World Fund outperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 28.12% for Class I shares compared to 22.23% for the Index.  |

---

The Fund seeks long-term capital appreciation through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – New World FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds New World Fund**

![](img_7ff048f58cc94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds New World Fund (Class I) | 28.12% | 5.19% | 9.11% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds New World Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1500016 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 3994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to primarily invest in common stocks of companies with significant exposure to developing countries through its master fund, the American Funds Insurance Series<sup>®</sup> - New World Fund<sup>®</sup> ("Master Fund"). As part of this change, the Master Fund may invest in equity securities of any company, regardless of where it is domiciled (including developed countries), if the Master Fund's investment adviser determines that a significant portion of the company's assets or revenues (generally 20% or more) is attributable to developing countries, the Master Fund will invest at least 35% of its assets in equity and debt securities of issuers domiciled in qualified developing countries, and in determining whether a country is a developed country or a developing country, the Master Fund's investment adviser may consider whether the country is designated as a developed market by MSCI Inc. As a result, the Master Fund no longer invests, to a limited extent, in securities of issuers based in non-qualified countries.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Washington Mutual Investors Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Washington Mutual Investors Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $67 | 0.62% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Washington Mutual Investors Fund underperformed the S&P 500 Index by posting a return of 17.09% for Class I shares compared to 17.88% for the Index.  |

---

The Fund seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the shares of the American Funds Insurance Series<sup>®</sup> - Washington Mutual Investors FundSM ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Washington Mutual Investors Fund**

![](img_7613a534bba94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/American Funds Washington Mutual Investors Fund (Class I) | 17.09% | 13.77% | 12.27% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/American Funds Washington Mutual Investors Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4267177 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 10682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Bond Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Bond Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $28 | 0.27% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Bond Index Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 6.98% for Class I shares compared to 7.30% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide a moderate rate of income by investing in domestic fixed-income investments through exclusive investment in shares of the JNL Bond Index Fund ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Bond Index Fund**

![](img_8e96c8435d3f4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Bond Index Fund (Class I) | 6.98% | -0.63% | 1.70% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Bond Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1027661 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 88 |
| Total Advisory Fees Paid ($): | 937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Emerging Markets Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Emerging Markets Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $45 | 0.39% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Emerging Markets Index Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 31.39% for Class I shares compared to 31.62% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Morningstar Emerging Markets Target Market Exposure Index (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets through exclusive investment in shares of the JNL Emerging Markets Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Emerging Markets Index Fund**

![](img_64dc661570d94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Emerging Markets Index Fund (Class I) | 31.39% | 3.75% | 7.89% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 8.77% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Emerging Markets Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 926838 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Emerging Markets Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon International Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon International Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $36 | 0.31% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon International Index Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) by posting a return of 31.86% for Class I shares compared to 31.61% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in international equity securities through exclusive investment in shares of the JNL International Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon International Index Fund**

![](img_a4c6f7f1d24b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon International Index Fund (Class I) | 31.86% | 8.83% | 8.17% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.61% | 9.00% | 8.27% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon International Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3072894 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| International Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Baillie Gifford International Growth Fund, was merged into the Fund and shareholders of the JNL/Baillie Gifford International Growth Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 400 MidCap Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 400 MidCap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $27 | 0.26% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon S&P 400 MidCap Index Fund underperformed the S&P MidCap 400<sup>®</sup> Index by posting a return of 7.26% for Class I shares compared to 7.50% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in equity securities of medium capitalization-weighted domestic corporations through exclusive investment in shares of the JNL Mid Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon S&P 400 MidCap Index Fund**

![](img_7d41998868cb4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon S&P 400 MidCap Index Fund (Class I) | 7.26% | 8.87% | 10.44% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| S&P MidCap 400<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 7.50% | 9.12% | 10.72% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon S&P 400 MidCap Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3241636 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 1935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Small Cap Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Small Cap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment<sup>(a)</sup> | Costs paid as a percentage of a $10,000 investment<sup>(a)</sup> |
| Class I | $27 | 0.26% |

---

<br> <sup><sup>(a)</sup></sup> Costs include the impact of the Master Fund's expenses.

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| |
|:---|
| Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Small Cap Index Fund underperformed the S&P SmallCap 600<sup>®</sup> Index by posting a return of 5.90% for Class I shares compared to 6.02% for the Index.  |

---

The investment objective of the Fund is to track the performance of the Index to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies through exclusive investment in shares of the JNL Small Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Fund's financial statements and shareholder report should be read in conjunction with the Master Fund's financial statements and shareholder report.

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Small Cap Index Fund**

![](img_3cad8bd48e9a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Small Cap Index Fund (Class I) | 5.90% | 7.06% | 9.58% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| S&P SmallCap 600<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 6.02% | 7.31% | 9.81% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Small Cap Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2349803 |
| Number of Investments: | 1 |
| Portfolio Turnover (%): | 36 |
| Total Advisory Fees Paid ($): | 1492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 100.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Aggressive Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Aggressive Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.15% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Aggressive Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.94% for Class I shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Aggressive Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.94% for Class I shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Aggressive Growth Allocation Fund**

![](img_95074340e61c4.jpg)

<br> JNL Aggressive Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Aggressive Growth Allocation Fund (Class I) | 15.94% | 7.56% | 8.74% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 20.43% | 9.59% | 9.99% |
| 90% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 20.70% | 10.04% | 10.26% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1456499 |
| Number of Investments: | 23 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 1409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 56.6 |
| International Equity | 21.7 |
| Emerging Markets Equity | 9.3 |
| Global Equity | 6.4 |
| Alternative | 3.1 |
| Domestic Fixed Income | 2.9 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Conservative Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Conservative Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $19 | 0.18% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Conservative Allocation Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.57% for Class I shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Conservative Allocation Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.57% for Class I shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/DoubleLine Total Return Fund  |
| JNL/PIMCO Income Fund  |
| JNL/Fidelity Institutional Asset Management Total Bond Fund  |
| Top Detractor(s)  |
| JNL/Morningstar Wide Moat Index Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Conservative Allocation Fund**

![](img_4236092a72ae4.jpg)

<br> JNL Conservative Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Conservative Allocation Fund (Class I) | 9.57% | 2.88% | 3.99% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.40% | 1.81% | 3.58% |
| 20% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 80% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 10.22% | 1.94% | 3.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 574820 |
| Number of Investments: | 25 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 59.9 |
| Alternative | 12.3 |
| Domestic Equity | 9.9 |
| Domestic Balanced | 6.0 |
| Emerging Markets Fixed Income | 5.0 |
| International Equity | 3.8 |
| Emerging Markets Equity | 3.1 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 15.19% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 15.19% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/WCM Focused International Equity Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| Top Detractor(s)  |
| JNL/JPMorgan MidCap Growth Fund  |
| Foreign Currency  |
| Foreign Currency  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Growth Allocation Fund**

![](img_6f5fd014d85b4.jpg)

<br> JNL Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Growth Allocation Fund (Class I) | 15.19% | 6.71% | 7.98% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2804646 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 24 |
| Total Advisory Fees Paid ($): | 2525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 47.9 |
| International Equity | 19.0 |
| Domestic Fixed Income | 10.9 |
| Alternative | 8.5 |
| Emerging Markets Equity | 8.0 |
| Global Equity | 4.7 |
| Emerging Markets Fixed Income | 1.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Moderate Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $16 | 0.15% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.07% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Moderate Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.07% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/T. Rowe Price Capital Appreciation Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Allocation Fund**

![](img_0535bf913f704.jpg)

<br> JNL Moderate Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Moderate Allocation Fund (Class I) | 11.07% | 4.42% | 5.57% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 5.60% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 5.64% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1856390 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 1763 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 40.1 |
| Domestic Equity | 21.1 |
| Alternative | 12.5 |
| International Equity | 9.6 |
| Domestic Balanced | 5.7 |
| Emerging Markets Equity | 4.0 |
| Emerging Markets Fixed Income | 4.0 |
| Global Equity | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Moderate Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.99% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL Moderate Growth Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.99% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL Multi-Manager U.S. Select Equity Fund  |
| JNL/WCM Focused International Equity Fund  |
| Top Detractor(s)  |
| JNL/JPMorgan MidCap Growth Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Growth Allocation Fund**

![](img_5d71e53536224.jpg)

<br> JNL Moderate Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Moderate Growth Allocation Fund (Class I) | 12.99% | 5.68% | 6.85% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.53% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3399610 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 3008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.5 |
| Domestic Fixed Income | 26.4 |
| International Equity | 13.7 |
| Alternative | 11.6 |
| Emerging Markets Equity | 5.3 |
| Global Equity | 4.0 |
| Emerging Markets Fixed Income | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Aggressive Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Aggressive Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Aggressive Growth Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.07% for Class I shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Aggressive Growth Fund underperformed the Morningstar<sup>®</sup> Aggressive Target Risk IndexSM by posting a return of 15.07% for Class I shares compared to 20.43% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/WCM Focused International Equity Fund  |
| JNL/T. Rowe Price Value Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Aggressive Growth Fund**

![](img_b2afa3b1db6e4.jpg)

<br> JNL/JPMorgan Managed Aggressive Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Managed Aggressive Growth Fund (Class I) | 15.07% | 7.93% | 10.14% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 20.43% | 9.59% | 9.99% |
| 63% S&P 500 Index, 27% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 20.48% | 11.54% | 11.64% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2081850 |
| Number of Investments: | 29 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 1839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 62.6 |
| International Equity | 21.9 |
| Emerging Markets Equity | 5.5 |
| Domestic Fixed Income | 5.1 |
| Alternative | 4.9 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Conservative Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Conservative Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $17 | 0.16% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Conservative Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.59% for Class I shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Conservative Fund underperformed the Morningstar<sup>®</sup> Conservative Target Risk IndexSM by posting a return of 9.59% for Class I shares compared to 10.40% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/DoubleLine Total Return Fund  |
| JNL/DoubleLine Core Fixed Income Fund  |
| JNL/Causeway International Value Select Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Conservative Fund**

![](img_662dcce786894.jpg)

<br> JNL/JPMorgan Managed Conservative Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Managed Conservative Fund (Class I) | 9.59% | 2.24% | 3.64% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.40% | 1.81% | 3.58% |
| 80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 10.13% | 2.28% | 4.01% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 639499 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 67.6 |
| Domestic Equity | 14.3 |
| Alternative | 8.1 |
| International Equity | 4.6 |
| Global Fixed Income | 4.2 |
| Emerging Markets Equity | 1.2 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Growth Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 14.26% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Growth Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 14.26% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/T. Rowe Price Established Growth Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Growth Fund**

![](img_9ea6b72759f64.jpg)

<br> JNL/JPMorgan Managed Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Managed Growth Fund (Class I) | 14.26% | 7.09% | 9.26% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 18.98% | 10.21% | 10.58% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3938546 |
| Number of Investments: | 31 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 3318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 55.7 |
| International Equity | 19.6 |
| Domestic Fixed Income | 15.0 |
| Alternative | 4.9 |
| Emerging Markets Equity | 4.8 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.17% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 11.17% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/William Blair International Leaders Fund  |
| JNL/DoubleLine Total Return Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Moderate Fund**

![](img_204aa78108f04.jpg)

<br> JNL/JPMorgan Managed Moderate Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Managed Moderate Fund (Class I) | 11.17% | 3.79% | 5.47% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 5.60% |
| 60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 13.07% | 4.90% | 6.23% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1598398 |
| Number of Investments: | 36 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 49.9 |
| Domestic Equity | 27.9 |
| International Equity | 9.6 |
| Alternative | 7.1 |
| Global Fixed Income | 3.0 |
| Emerging Markets Equity | 2.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Managed Moderate Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Managed Moderate Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $15 | 0.14% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Growth Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.59% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. | For the year ended December 31, 2025, JNL/JPMorgan Managed Moderate Growth Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 12.59% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by negative manager selection within domestic equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JNL/Causeway International Value Select Fund  |
| JNL/T. Rowe Price Established Growth Fund  |
| JNL/WCM Focused International Equity Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Managed Moderate Growth Fund**

![](img_43031138dce34.jpg)

<br> JNL/JPMorgan Managed Moderate Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Managed Moderate Growth Fund (Class I) | 12.59% | 5.44% | 7.28% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 42% S&P 500 Index, 18% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.01% | 7.55% | 8.43% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3583104 |
| Number of Investments: | 34 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 3069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.8 |
| Domestic Fixed Income | 33.0 |
| International Equity | 14.7 |
| Alternative | 7.0 |
| Emerging Markets Equity | 3.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $36 | 0.33% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 18.86% for Class I shares compared to 18.45% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 18.86% for Class I shares compared to 18.45% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to growth based funds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds EuroPacific Growth Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Growth Allocation Fund**

![](img_66587a80d7424.jpg)

<br> JNL/American Funds Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/American Funds Growth Allocation Fund (Class I) | 18.86% | 7.84% | 9.75% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4320084 |
| Number of Investments: | 16 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 7248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.6 |
| International Equity | 16.2 |
| Domestic Fixed Income | 15.8 |
| Global Equity | 13.2 |
| Emerging Markets Equity | 6.8 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to no longer maintain a portfolio of intermediate duration within investment grade debt and to update the range of securities markets exposure for the securities issued by companies located in countries outside the United States in which some of the Fund's diversified group of other funds ("Underlying Funds") may invest. As a result, some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States that include a range of developing (previously developed) and emerging market countries, and the Fund's investment adviser, Jackson National Asset Management, LLC, no longer seeks to maintain a portfolio of intermediate duration within investment grade debt. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.35% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Moderate Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 13.54% for Class I shares compared to 12.87% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Moderate Allocation Fund outperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 13.54% for Class I shares compared to 12.87% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds Insurance Series - Washington Mutual Investors Fund  |
| Top Detractor(s)  |
| American Funds SMALLCAP World Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Moderate Allocation Fund**

![](img_bd5d13e499394.jpg)

<br> JNL/American Funds Moderate Allocation Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (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<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 8.66% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 9.33% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 64307 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 53.9 |
| Domestic Equity | 23.6 |
| International Equity | 7.8 |
| Global Equity | 6.8 |
| Emerging Markets Fixed Income | 4.5 |
| Emerging Markets Equity | 3.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/American Funds Moderate Growth Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/American Funds Moderate Growth Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.34% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/American Funds Moderate Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 16.63% for Class I shares compared to 15.95% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. | For the year ended December 31, 2025, JNL/American Funds Moderate Growth Allocation Fund outperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 16.63% for Class I shares compared to 15.95% for the Index. The outperformance was driven primarily by an overweight to large cap U.S. equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| American Funds Investment Company of America Fund  |
| American Funds International Growth and Income Fund  |
| American Funds EuroPacific Growth Fund  |
| Top Detractor(s)  |
| American Funds SMALLCAP World Fund  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/American Funds Moderate Growth Allocation Fund**

![](img_b24bc3cc701e4.jpg)

<br> JNL/American Funds Moderate Growth Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/American Funds Moderate Growth Allocation Fund (Class I) | 16.63% | 6.04% | 7.79% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.53% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2480758 |
| Number of Investments: | 15 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 4521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 36.3 |
| Domestic Fixed Income | 32.8 |
| International Equity | 12.3 |
| Global Equity | 10.2 |
| Emerging Markets Equity | 5.4 |
| Emerging Markets Fixed Income | 3.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to no longer maintain a portfolio of intermediate duration within investment grade debt and to update the range of securities markets exposure for the securities issued by companies located in countries outside the United States in which some of the Fund's diversified group of other funds ("Underlying Funds") may invest. As a result, some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States that include a range of developing (previously developed) and emerging market countries, and the Fund's investment adviser, Jackson National Asset Management, LLC, no longer seeks to maintain a portfolio of intermediate duration within investment grade debt. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.35% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.97% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.97% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to emerging markets equities which rose on multiple expansion and earnings growth |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core MSCI EAFE ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| iShares Core S&P 500 ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Growth ETF Allocation Fund**

![](img_ecb31d4ff4ff4.jpg)

<br> JNL Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Growth ETF Allocation Fund (Class I) | 16.97% | 7.91% | 8.37% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 407345 |
| Number of Investments: | 23 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 747 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 53.1 |
| International Equity | 17.6 |
| Domestic Fixed Income | 14.6 |
| Emerging Markets Equity | 10.2 |
| Securities Lending Collateral | 6.2 |
| Global Equity | 3.1 |
| Emerging Markets Fixed Income | 1.4 |
| **Total Net Assets** | 106.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Moderate ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Moderate ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $37 | 0.35% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.48% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.48% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core U.S. Aggregate Bond ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| iShares Core S&P 500 ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |
| Foreign Currency  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate ETF Allocation Fund**

![](img_d5e150b43dbb4.jpg)

<br> JNL Moderate ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Moderate ETF Allocation Fund (Class I) | 12.48% | 4.50% | 5.30% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 5.60% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 5.64% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 227118 |
| Number of Investments: | 25 |
| Portfolio Turnover (%): | 55 |
| Total Advisory Fees Paid ($): | 417 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 51.3 |
| Domestic Equity | 30.3 |
| International Equity | 8.6 |
| Securities Lending Collateral | 7.0 |
| Emerging Markets Equity | 6.3 |
| Emerging Markets Fixed Income | 3.5 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 107.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Moderate Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Moderate Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.35% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 15.01% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 15.01% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to quality-themed ETFs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| iShares Core S&P 500 ETF  |
| iShares Core MSCI EAFE ETF  |
| iShares Core MSCI Emerging Markets ETF  |
| Top Detractor(s)  |
| iShares Core S&P Small Cap ETF  |
| iShares MSCI USA Quality Factor ETF  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Moderate Growth ETF Allocation Fund**

![](img_42393b0389154.jpg)

<br> JNL Moderate Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Moderate Growth ETF Allocation Fund (Class I) | 15.01% | 6.22% | 6.93% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.53% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 357957 |
| Number of Investments: | 26 |
| Portfolio Turnover (%): | 60 |
| Total Advisory Fees Paid ($): | 673 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 41.5 |
| Domestic Fixed Income | 32.4 |
| International Equity | 13.6 |
| Emerging Markets Equity | 8.3 |
| Securities Lending Collateral | 6.9 |
| Emerging Markets Fixed Income | 2.2 |
| Global Equity | 2.1 |
| Short Term Investments | 0.0 |
| **Total Net Assets** | 107.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Vanguard Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $24 | 0.22% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.58% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM by posting a return of 16.58% for Class I shares compared to 18.45% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to emerging markets equities which rose on multiple expansion and earnings growth |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Growth ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Growth ETF Allocation Fund**

![](img_fe57fadb723f4.jpg)

<br> JNL/Vanguard Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Growth ETF Allocation Fund (Class I) | 16.58% | 7.63% | 8.59% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.45% | 7.94% | 8.79% |
| 80% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 19.18% | 8.89% | 9.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2121839 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 3867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 58.1 |
| International Equity | 18.2 |
| Domestic Fixed Income | 14.8 |
| Emerging Markets Equity | 7.2 |
| Securities Lending Collateral | 3.7 |
| Emerging Markets Fixed Income | 1.7 |
| Short Term Investments | 0.1 |
| **Total Net Assets** | 103.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $23 | 0.22% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.18% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Moderate ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM by posting a return of 12.18% for Class I shares compared to 12.87% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Mortgage-Backed Securities ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Moderate ETF Allocation Fund**

![](img_73fbf2178a5f4.jpg)

<br> JNL/Vanguard Moderate ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Moderate ETF Allocation Fund (Class I) | 12.18% | 4.26% | 5.42% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 12.87% | 4.06% | 5.60% |
| 40% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.17% | 4.26% | 5.64% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 574178 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 13 |
| Total Advisory Fees Paid ($): | 1121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Fixed Income | 50.8 |
| Domestic Equity | 33.6 |
| International Equity | 7.8 |
| Securities Lending Collateral | 7.6 |
| Emerging Markets Fixed Income | 4.0 |
| Emerging Markets Equity | 3.9 |
| Short Term Investments | 0.0 |
| **Total Net Assets** | 107.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Vanguard Moderate Growth ETF Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Vanguard Moderate Growth ETF Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $25 | 0.23% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Vanguard Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.62% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. | For the year ended December 31, 2025, JNL/Vanguard Moderate Growth ETF Allocation Fund underperformed the Morningstar<sup>®</sup> Moderate Target Risk IndexSM by posting a return of 14.62% for Class I shares compared to 15.95% for the Index. The underperformance was driven primarily by an underweight to international equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Vanguard FTSE Developed Markets ETF  |
| Vanguard Total Stock Market ETF  |
| Vanguard Growth ETF  |
| Top Detractor(s)  |
| Cash Management  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Vanguard Moderate Growth ETF Allocation Fund**

![](img_3b4f534973574.jpg)

<br> JNL/Vanguard Moderate Growth ETF Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Vanguard Moderate Growth ETF Allocation Fund (Class I) | 14.62% | 6.02% | 7.05% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.16% | 6.57% | 7.53% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 987699 |
| Number of Investments: | 19 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Domestic Equity | 46.9 |
| Domestic Fixed Income | 31.4 |
| International Equity | 13.4 |
| Emerging Markets Equity | 5.4 |
| Emerging Markets Fixed Income | 2.9 |
| Securities Lending Collateral | 2.5 |
| Short Term Investments | 0.2 |
| **Total Net Assets** | 102.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Bond Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Bond Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $8 | 0.08% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Bond Index Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.17% for Class I shares compared to 7.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL Bond Index Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.17% for Class I shares compared to 7.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to short and intermediate duration Treasury notes |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Top Detractor(s)  |
| Warnermedia Holdings, Inc.  |
| Federal National Mortgage Association, Inc.  |
| Federal National Mortgage Association, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Bond Index Fund**

![](img_abfae3ddeb664.jpg)

<br> JNL Bond Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL Bond Index Fund (Class I) | 7.17% | 0.02% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 0.14% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1049234 |
| Number of Investments: | 3442 |
| Portfolio Turnover (%): | 88 |
| Total Advisory Fees Paid ($): | 724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 47.7 |
| U.S. Government Agency MBS | 25.0 |
| Financials | 8.9 |
| Other Short Term Investments | 4.5 |
| Health Care | 2.6 |
| Utilities | 2.4 |
| Industrials | 1.9 |
| Information Technology | 1.9 |
| Energy | 1.8 |
| Communication Services | 1.8 |
| Other Sectors | 6.3 |
| **Total Net Assets** | 104.8 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (0.2) |
| **Total Net Assets** | **(0.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Emerging Markets Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Emerging Markets Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $19 | 0.16% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Emerging Markets Index Fund outperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 31.66% for Class I shares compared to 31.62% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL Emerging Markets Index Fund outperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 31.66% for Class I shares compared to 31.62% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to China, Taiwan and Hong Kong equities |
| ⬥ | exposure to South Korean equities |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer services |
| ⬥ | exposure to Saudi Arabian equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Samsung Electronics Co., Ltd.  |
| SK Hynix Inc.  |
| Top Detractor(s)  |
| Meituan  |
| Infosys Limited  |
| Yageo Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Emerging Markets Index Fund**

![](img_c8bdc59fe3054.jpg)

<br> JNL Emerging Markets Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL Emerging Markets Index Fund (Class I) | 31.66% | 3.07% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 3.71% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 930603 |
| Number of Investments: | 1499 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 1212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.9 |
| Financials | 21.7 |
| Consumer Discretionary | 11.9 |
| Communication Services | 8.9 |
| Industrials | 8.0 |
| Materials | 6.7 |
| Energy | 4.0 |
| Consumer Staples | 3.6 |
| Health Care | 3.1 |
| Utilities | 2.7 |
| Other Sectors | 4.1 |
| **Total Net Assets** | 102.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL International Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL International Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $12 | 0.10% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL International Index Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) by posting a return of 32.13% for Class I shares compared to 31.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL International Index Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) by posting a return of 32.13% for Class I shares compared to 31.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to banks |
| ⬥ | exposure to Japanese equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Danish companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| ASML Holding N.V.  |
| Banco Santander, S.A.  |
| HSBC Holdings PLC  |
| Top Detractor(s)  |
| Novo Nordisk A/S  |
| CSL Limited  |
| Recruit Holdings Co., Ltd.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL International Index Fund**

![](img_3dd46bce445f4.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL International Index Fund (Class I) | 32.13% | 7.93% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.61% | 7.97% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL International Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3088098 |
| Number of Investments: | 670 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 2596 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.3 |
| Industrials | 18.7 |
| Health Care | 11.3 |
| Consumer Discretionary | 9.8 |
| Information Technology | 7.9 |
| Consumer Staples | 7.3 |
| Materials | 5.7 |
| Communication Services | 4.0 |
| Utilities | 3.6 |
| Energy | 3.2 |
| Other Sectors | 5.3 |
| **Total Net Assets** | 102.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.8) |
| **Total Net Assets** | **(1.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Mid Cap Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Mid Cap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $10 | 0.10% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Mid Cap Index Fund underperformed the S&P MidCap 400<sup>®</sup> Index by posting a return of 7.41% for Class I shares compared to 7.50% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL Mid Cap Index Fund underperformed the S&P MidCap 400<sup>®</sup> Index by posting a return of 7.41% for Class I shares compared to 7.50% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to consumer services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ciena Corporation  |
| Comfort Systems USA, Inc.  |
| Lumentum Holdings Inc.  |
| Top Detractor(s)  |
| Sarepta Therapeutics, Inc.  |
| Avantor, Inc.  |
| Nutanix, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Mid Cap Index Fund**

![](img_b95daa35f1244.jpg)

<br> JNL Mid Cap Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL Mid Cap Index Fund (Class I) | 7.41% | 5.59% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 11.36% |
| S&P MidCap 400<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 7.50% | 5.67% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P MidCap 400<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3254155 |
| Number of Investments: | 405 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 2630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.4 |
| Financials | 16.6 |
| Information Technology | 13.9 |
| Consumer Discretionary | 11.5 |
| Health Care | 8.8 |
| Real Estate | 6.3 |
| Materials | 5.4 |
| Consumer Staples | 4.3 |
| Energy | 3.9 |
| Utilities | 3.3 |
| Other Sectors | 3.6 |
| **Total Net Assets** | 101.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Small Cap Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Small Cap Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $10 | 0.10% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Small Cap Index Fund outperformed the S&P SmallCap 600<sup>®</sup> Index by posting a return of 6.06% for Class I shares compared to 6.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL Small Cap Index Fund outperformed the S&P SmallCap 600<sup>®</sup> Index by posting a return of 6.06% for Class I shares compared to 6.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer services |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| SanDisk LLC  |
| Kratos Defense & Security Solutions, Inc.  |
| Sterling Infrastructure, Inc.  |
| Top Detractor(s)  |
| Robert Half Inc.  |
| SPS Commerce, Inc.  |
| Inspire Medical Systems, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Small Cap Index Fund**

![](img_638dfbbf2a9a4.jpg)

<br> JNL Small Cap Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL Small Cap Index Fund (Class I) | 6.06% | 3.45% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 11.36% |
| S&P SmallCap 600<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 6.02% | 3.51% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). The "S&P SmallCap 600<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2358940 |
| Number of Investments: | 609 |
| Portfolio Turnover (%): | 36 |
| Total Advisory Fees Paid ($): | 1874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 18.4 |
| Industrials | 16.9 |
| Information Technology | 13.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 12.1 |
| Real Estate | 7.2 |
| Materials | 5.3 |
| Energy | 4.5 |
| Communication Services | 2.9 |
| Consumer Staples | 2.4 |
| Other Sectors | 4.6 |
| **Total Net Assets** | 101.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Alternative Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Alternative Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $197 | 1.88% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Alternative Fund outperformed the Wilshire Liquid Alternative IndexSM by posting a return of 9.79% for Class I shares compared to 6.04% for the Index. The outperformance was driven by positive selection within the private fund, relative value, and event driven sleeves. | For the year ended December 31, 2025, JNL Multi-Manager Alternative Fund outperformed the Wilshire Liquid Alternative IndexSM by posting a return of 9.79% for Class I shares compared to 6.04% for the Index. The outperformance was driven by positive selection within the private fund, relative value, and event driven sleeves. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to private equity |
| ⬥ | exposure to convertible arbitrage strategies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to long/short equity strategies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| WCM Partners Fund  |
| Alphabet Inc.  |
| Western Digital Corporation  |
| Top Detractor(s)  |
| Seagate Technology Holdings Public Limited Company  |
| Western Digital Corporation  |
| Lumentum Holdings Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Alternative Fund**

![](img_4305ce7d17954.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Multi-Manager Alternative Fund (Class I) | 9.79% | 4.52% | 4.48% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Wilshire Liquid Alternative IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.04% | 3.06% | 2.68% |
| Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL Multi-Manager Alternative Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 962546 |
| Number of Investments: | 1230 |
| Portfolio Turnover (%): | 165 |
| Total Advisory Fees Paid ($): | 9914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Other Short Term Investments | 28.3 |
| Information Technology | 17.0 |
| Communication Services | 13.2 |
| Financials | 12.4 |
| Private Investment Funds | 11.8 |
| Health Care | 8.6 |
| Industrials | 8.0 |
| Non-U.S. Government Agency ABS | 7.9 |
| Consumer Discretionary | 7.8 |
| U.S. Government Agency MBS | 4.7 |
| Other Sectors | 10.5 |
| **Total Net Assets** | 130.2 |
| **Short Investments** | **Short Investments** |
| Information Technology | (11.1) |
| Investment Companies | (6.0) |
| Consumer Discretionary | (3.4) |
| Derivative Instruments | (2.4) |
| Industrials | (2.3) |
| Health Care | (1.5) |
| Government Securities | (1.3) |
| Financials | (1.1) |
| Materials | (0.5) |
| Communication Services | (0.4) |
| Other Sectors | (0.4) |
| **Total Net Assets** | **(30.4)** |

---

---

| | |
|:---|:---|
| **How has the fund changed?** | **How has the fund changed?** |
| Effective from March 10, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived a varying portion of the Fund's management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Effective April 28, 2025, the Fund's investment adviser converted the temporary management fee waiver to a contractual management fee waiver. As a result, 0.08% of advisory fees were waived during the period and none of the waived management fees can be recaptured by the investment adviser. | Effective from March 10, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived a varying portion of the Fund's management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Effective April 28, 2025, the Fund's investment adviser converted the temporary management fee waiver to a contractual management fee waiver. As a result, 0.08% of advisory fees were waived during the period and none of the waived management fees can be recaptured by the investment adviser. |
| Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Boston Partners Global Investors, Inc. ("Boston Partners") to limit the sub-investment advisory services provided by Boston Partners to certain securities that were issued by or that provide exposure to Russian companies. As a result, it is contemplated that the duration of Boston Partners' involvement in managing these investments will be for however long it takes the Fund to exit such investments. <br>Effective June 5, 2025, the Fund changed its principal investment strategy to permit investments in other funds, which will be primarily in private funds or other pooled investment vehicles that would qualify as "investment companies" under the Investment Company Act of 1940, as amended (the "1940 Act"), but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds"). As a result, the Fund's investment adviser, Jackson National Asset Management, LLC, may allocate up to 10% of the Fund's total assets in Private Funds. In connection with this change, the Fund revised its principal risks to list "private funds risk" and "valuation risk" as principal risks associated with investing in the Fund. | Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Boston Partners Global Investors, Inc. ("Boston Partners") to limit the sub-investment advisory services provided by Boston Partners to certain securities that were issued by or that provide exposure to Russian companies. As a result, it is contemplated that the duration of Boston Partners' involvement in managing these investments will be for however long it takes the Fund to exit such investments. <br>Effective June 5, 2025, the Fund changed its principal investment strategy to permit investments in other funds, which will be primarily in private funds or other pooled investment vehicles that would qualify as "investment companies" under the Investment Company Act of 1940, as amended (the "1940 Act"), but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act ("Private Funds"). As a result, the Fund's investment adviser, Jackson National Asset Management, LLC, may allocate up to 10% of the Fund's total assets in Private Funds. In connection with this change, the Fund revised its principal risks to list "private funds risk" and "valuation risk" as principal risks associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. | This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** | **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: | Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus | ![](img_d59b76338d2a4.jpg) |
| ⬥ Statement of Additional Information | ![](img_d59b76338d2a4.jpg) |
| ⬥ Financial information | ![](img_d59b76338d2a4.jpg) |
| ⬥ Holdings | ![](img_d59b76338d2a4.jpg) |
| ⬥ Proxy voting information | ![](img_d59b76338d2a4.jpg) |
| If you have questions regarding electronic delivery, please scan the QR code. | ![](img_d59b76338d2a4.jpg) |

---

---

| | |
|:---|:---|
| JNL Multi-Manager Emerging Markets Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Emerging Markets Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $103 | 0.92% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) by posting a return of 24.59% for Class I shares compared to 29.76% for the Index. Fund underperformance was driven by an underweight to Asian technology stocks and selection within the communication services sector.  | For the year ended December 31, 2025, JNL Multi-Manager Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) by posting a return of 24.59% for Class I shares compared to 29.76% for the Index. Fund underperformance was driven by an underweight to Asian technology stocks and selection within the communication services sector.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to China, Taiwan and Hong Kong equities |
| ⬥ | exposure to Brazilian equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indonesian equities |
| ⬥ | exposure to consumer services |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| SK Hynix Inc.  |
| Samsung Electronics Co., Ltd.  |
| Top Detractor(s)  |
| Computer Age Management Services Private Limited  |
| Oracle Financial Services Software Limited  |
| PT. Bank Central Asia Tbk  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Emerging Markets Equity Fund**

![](img_3249122a59924.jpg)

<br> JNL Multi-Manager Emerging Markets Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Emerging Markets Equity Fund (Class I) | 24.59% | 1.97% | 6.02% |
| Morningstar<sup>®</sup> Emerging Markets IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 29.76% | 4.76% | 8.66% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1404165 |
| Number of Investments: | 262 |
| Portfolio Turnover (%): | 60 |
| Total Advisory Fees Paid ($): | 9332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 24.5 |
| Information Technology | 18.5 |
| Industrials | 15.1 |
| Consumer Discretionary | 9.8 |
| Communication Services | 6.9 |
| Materials | 5.4 |
| Consumer Staples | 5.2 |
| Utilities | 3.8 |
| Energy | 3.6 |
| Other Short Term Investments | 2.7 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 100.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Floating Rate Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Floating Rate Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $65 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Floating Rate Income Fund underperformed the Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM by posting a return of 4.13% for Class I shares compared to 5.90% for the Index. Fund underperformance was driven primarily by negative loan selection within producer manufacturing and process industries. | For the year ended December 31, 2025, JNL Multi-Manager Floating Rate Income Fund underperformed the Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM by posting a return of 4.13% for Class I shares compared to 5.90% for the Index. Fund underperformance was driven primarily by negative loan selection within producer manufacturing and process industries. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to broadly syndicated loans, which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to single-B rated broadly syndicated loans |
| ⬥ | moderate exposure to high yield corporate bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to auto part broadly syndicated loans |
| ⬥ | exposure to container/packaging broadly syndicated loans |
| ⬥ | exposure to specialty chemical broadly syndicated loans |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Kleopatra Finco S.a r.l.  |
| Altice France S.A.  |
| Allen Media, LLC  |
| Top Detractor(s)  |
| First Brands Group, LLC  |
| Klockner-Pentaplast of America, Inc.  |
| First Brands Group, LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Floating Rate Income Fund**

![](img_bebb6fad4cd04.jpg)

<br> JNL Multi-Manager Floating Rate Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Multi-Manager Floating Rate Income Fund (Class I) | 4.13% | 4.99% | 4.13% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Morningstar<sup>®</sup> LSTA US Leveraged Loan IndexSM (reflects no deduction for fees, expenses, or taxes) | 5.90% | 6.42% | 5.48% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 927011 |
| Number of Investments: | 807 |
| Portfolio Turnover (%): | 52 |
| Total Advisory Fees Paid ($): | 4775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 26.0 |
| Information Technology | 15.7 |
| Communication Services | 12.2 |
| Financials | 11.0 |
| Consumer Discretionary | 9.8 |
| Health Care | 6.0 |
| Other Short Term Investments | 4.9 |
| Energy | 3.7 |
| Consumer Staples | 3.5 |
| Materials | 3.5 |
| Other Sectors | 3.7 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "distressed debt risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager International Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager International Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $102 | 0.90% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager International Small Cap Fund underperformed the Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) by posting a return of 25.88% for Class I shares compared to 30.29% for the Index. The primary driver of underperformance was an overweight to communication services companies and negative selection within Japanese equities. | For the year ended December 31, 2025, JNL Multi-Manager International Small Cap Fund underperformed the Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) by posting a return of 25.88% for Class I shares compared to 30.29% for the Index. The primary driver of underperformance was an overweight to communication services companies and negative selection within Japanese equities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to paper & plastic packaging products & materials |
| ⬥ | exposure to Indian equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indian equities |
| ⬥ | exposure to Swedish companies |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Celestica Inc.  |
| Unipol Gruppo S.p.A.  |
| Exosens  |
| Top Detractor(s)  |
| Docebo Canada Inc.  |
| Trustpilot Group PLC  |
| Soitec  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager International Small Cap Fund**

![](img_025f51d028364.jpg)

<br> JNL Multi-Manager International Small Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL Multi-Manager International Small Cap Fund (Class I) | 25.88% | 5.66% | 8.82% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.10% |
| Morningstar<sup>®</sup> Global ex-US Small Cap Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 30.29% | 6.18% | 6.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 695479 |
| Number of Investments: | 238 |
| Portfolio Turnover (%): | 116 |
| Total Advisory Fees Paid ($): | 4985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 23.9 |
| Financials | 14.2 |
| Information Technology | 13.4 |
| Materials | 10.1 |
| Consumer Discretionary | 9.6 |
| Communication Services | 7.7 |
| Health Care | 6.1 |
| Utilities | 3.6 |
| Consumer Staples | 3.5 |
| Real Estate | 3.2 |
| Other Sectors | 5.9 |
| **Total Net Assets** | 101.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.4) |
| **Total Net Assets** | **(0.4)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective August 28, 2025, Baillie Gifford Overseas Limited ("BGO") was terminated as investment sub-adviser to a strategy of the Fund. In connection with this change, effective from May 22, 2025 to August 28, 2025, the Fund's investment adviser voluntarily waived 0.01% of the Fund's management fee, an amount equivalent to the sub-advisory fees attributable to BGO during that time period. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Mid Cap Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Mid Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $78 | 0.77% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Mid Cap Fund underperformed the Morningstar<sup>®</sup> US Mid Cap IndexSM by posting a return of 2.13% for Class I shares compared to 10.12% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, including communication services, financials, consumer discretionary, information technology and industrials.  | For the year ended December 31, 2025, JNL Multi-Manager Mid Cap Fund underperformed the Morningstar<sup>®</sup> US Mid Cap IndexSM by posting a return of 2.13% for Class I shares compared to 10.12% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, including communication services, financials, consumer discretionary, information technology and industrials.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Amphenol Corporation  |
| Cloudflare, Inc.  |
| Celsius Holdings, Inc.  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Freshpet, Inc.  |
| Gartner, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Mid Cap Fund**

![](img_131ae95bee454.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL Multi-Manager Mid Cap Fund (Class I) | 2.13% | 5.21% | 8.24% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Mid Cap IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.12% | 8.91% | 10.86% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL Multi-Manager Mid Cap Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1154431 |
| Number of Investments: | 231 |
| Portfolio Turnover (%): | 85 |
| Total Advisory Fees Paid ($): | 7499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 21.4 |
| Financials | 16.0 |
| Information Technology | 14.9 |
| Health Care | 12.7 |
| Consumer Discretionary | 12.6 |
| Consumer Staples | 7.0 |
| Materials | 3.9 |
| Communication Services | 3.0 |
| Real Estate | 3.0 |
| Other Short Term Investments | 1.9 |
| Other Sectors | 3.6 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective June 5, 2025, River Road Asset Management, LLC ("River Road") was appointed as investment sub-adviser to a new strategy of the Fund (the "River Road Strategy"). In connection with the appointment of River Road as sub-adviser, the Fund's principal investment strategy changed to include the River Road Strategy and investments in real estate investment trusts ("REITs"). As a result of these changes, the Fund revised its principal risks to list "managed portfolio risk" and "REIT investment risk" as principal risks associated with investing in the Fund.  |
| Effective July 1, 2025, the Fund's investment adviser voluntarily waived 0.025% of management fees on the Fund's net assets up to $1 billion and 0.020% on net assets over $1 billion, and the Fund's management fee rate and total expense ratio each decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.<br>Effective August 28, 2025, Nuance Investments, LLC was terminated as investment sub-adviser to a strategy of the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $68 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 3.87% for Class I shares compared to 13.12% for the Index. Fund underperformance was driven primarily by negative stock selection within the information technology, industrial and financial sectors. | For the year ended December 31, 2025, JNL Multi-Manager Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 3.87% for Class I shares compared to 13.12% for the Index. Fund underperformance was driven primarily by negative stock selection within the information technology, industrial and financial sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to consumer discretionary distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Karman Holdings Inc.  |
| Exact Sciences Corporation  |
| Mercury Systems, Inc.  |
| Top Detractor(s)  |
| Freshpet, Inc.  |
| Inspire Medical Systems, Inc.  |
| AAON, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Small Cap Growth Fund**

![](img_6ba1b73660fa4.jpg)

<br> JNL Multi-Manager Small Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Small Cap Growth Fund (Class I) | 3.87% | -0.99% | 9.71% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.12% | 4.22% | 9.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2205955 |
| Number of Investments: | 448 |
| Portfolio Turnover (%): | 78 |
| Total Advisory Fees Paid ($): | 12883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 26.0 |
| Information Technology | 21.8 |
| Health Care | 20.6 |
| Consumer Discretionary | 11.8 |
| Financials | 8.8 |
| Consumer Staples | 3.0 |
| Communication Services | 2.1 |
| Other Short Term Investments | 1.9 |
| Energy | 1.6 |
| Securities Lending Collateral | 1.5 |
| Other Sectors | 2.5 |
| **Total Net Assets** | 101.6 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to BAMCO, Inc. ("BAMCO") (the "Baron Strategy"), to eliminate restrictions on equity securities of U.S. small-sized growth companies, in which the Baron Strategy primarily invests, that limited such securities to being in the form of common stock and long-term investments. As a result, under normal circumstances, BAMCO constructs the Baron Strategy by investing primarily in equity securities of U.S. small-sized growth companies. <br>Effective April 28, 2025, the Fund changed its principal investment strategy for the portion of the Fund's assets allocated to Granahan Investment Management, LLC ("GIM") (the "GIM Strategy") to eliminate GIM's blended Small Cap Advantage strategy within the overall GIM Strategy. As part of this change, the Small Cap Discoveries strategy, one of the two unique strategies blended within the Small Cap Advantage strategy was also eliminated. As a result, GIM constructs the GIM Strategy by blending their Small Cap Focused Growth strategy and their Small Cap Select strategy. |
| Effective August 28, 2025, Victory Capital Management Inc. was terminated as investment sub-adviser to a strategy of the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Value Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager Small Cap Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $78 | 0.77% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager Small Cap Value Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM by posting a return of 3.01% for Class I shares compared to 10.48% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, with financials, health care, consumer discretionary, industrials and real estate sectors being the leading detractors.  | For the year ended December 31, 2025, JNL Multi-Manager Small Cap Value Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM by posting a return of 3.01% for Class I shares compared to 10.48% for the Index. Fund underperformance was driven by negative stock selection across multiple sectors, with financials, health care, consumer discretionary, industrials and real estate sectors being the leading detractors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to food beverage & tobacco |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Modine Manufacturing Company  |
| Hecla Mining Company  |
| Silicon Motion, Inc.  |
| Top Detractor(s)  |
| Insperity, Inc.  |
| Atlas Energy Solutions Inc.  |
| American Woodmark Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager Small Cap Value Fund**

![](img_c88996b880c44.jpg)

<br> JNL Multi-Manager Small Cap Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL Multi-Manager Small Cap Value Fund (Class I) | 3.01% | 8.32% | 8.90% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Value Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 10.48% | 10.32% | 9.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1719984 |
| Number of Investments: | 275 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 11785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 24.1 |
| Financials | 22.1 |
| Consumer Discretionary | 11.3 |
| Health Care | 11.2 |
| Information Technology | 11.0 |
| Materials | 4.5 |
| Real Estate | 3.6 |
| Energy | 3.1 |
| Consumer Staples | 3.0 |
| Utilities | 2.6 |
| Other Sectors | 4.0 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL Multi-Manager U.S. Select Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL Multi-Manager U.S. Select Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $74 | 0.68% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL Multi-Manager U.S. Select Equity Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 16.39% for Class I shares compared to 17.80% for the Index. The underperformance was primarily driven by an underweight to information technology and overweights to consumer staples and utilities. | For the year ended December 31, 2025, JNL Multi-Manager U.S. Select Equity Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 16.39% for Class I shares compared to 17.80% for the Index. The underperformance was primarily driven by an underweight to information technology and overweights to consumer staples and utilities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to software and services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to energy companies |
| ⬥ | exposure to consumer staples distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| AppLovin Corporation  |
| Robinhood Markets, Inc.  |
| Siemens Energy AG  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Freshpet, Inc.  |
| Datadog, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL Multi-Manager U.S. Select Equity Fund**

![](img_881128ad0d234.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (November 15, 2022) |
| JNL Multi-Manager U.S. Select Equity Fund (Class I) | 16.39% | 22.83% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 21.02% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL Multi-Manager U.S. Select Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1394091 |
| Number of Investments: | 92 |
| Portfolio Turnover (%): | 107 |
| Total Advisory Fees Paid ($): | 6491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 17.7 |
| Financials | 15.7 |
| Health Care | 13.8 |
| Industrials | 12.0 |
| Consumer Staples | 9.5 |
| Consumer Discretionary | 7.9 |
| Utilities | 7.4 |
| Communication Services | 6.2 |
| Real Estate | 3.0 |
| Energy | 2.7 |
| Other Sectors | 5.0 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| Effective August 29, 2025, River Road Asset Management, LLC ("River Road") was appointed as investment sub-adviser to a new strategy of the Fund (the "River Road Strategy"). In connection with the appointment of River Road as sub-adviser, the Fund's principal investment strategy changed to include the River Road Strategy and investments in real estate investment trusts ("REITs") and publicly traded partnerships, including but not limited to, master limited partnerships. As a result of these changes, the Fund revised its principal risks to list "REIT investment risk" and "master limited partnership risk" as principal risks associated with investing in the Fund.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL S&P 500 Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL S&P 500 Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $10 | 0.09% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.79% for Class I shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.79% for Class I shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to containers & packaging  |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL S&P 500 Index Fund**

![](img_4f4564f1ff734.jpg)

<br> JNL S&P 500 Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL S&P 500 Index Fund (Class I) | 17.79% | 14.31% | 14.66% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 571892 |
| Number of Investments: | 507 |
| Portfolio Turnover (%): | 19 |
| Total Advisory Fees Paid ($): | 159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.1 |
| Financials | 13.3 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.3 |
| Health Care | 9.5 |
| Industrials | 8.1 |
| Consumer Staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Materials | 1.8 |
| Other Sectors | 3.1 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/AB Sustainable Global Thematic Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/AB Sustainable Global Thematic Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $91 | 0.88% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/AB Sustainable Global Thematic Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 6.32% for Class I shares compared to 22.23% for the Index. The underperformance was driven by negative stock selection in health care and software. | For the year ended December 31, 2025, JNL/AB Sustainable Global Thematic Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 6.32% for Class I shares compared to 22.23% for the Index. The underperformance was driven by negative stock selection in health care and software. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Cameco Corporation  |
| Flex Ltd.  |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP  |
| Top Detractor(s)  |
| Fiserv, Inc.  |
| Becton, Dickinson and Company  |
| Primo Water Holdings LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/AB Sustainable Global Thematic Fund**

![](img_bf7f487c68354.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/AB Sustainable Global Thematic Fund (Class I) | 6.32% | 5.73% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/AB Sustainable Global Thematic Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 27097 |
| Number of Investments: | 107 |
| Portfolio Turnover (%): | 76 |
| Total Advisory Fees Paid ($): | 157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 35.5 |
| Derivative Instruments | 26.5 |
| Industrials | 18.7 |
| Financials | 14.7 |
| Health Care | 12.7 |
| Other Short Term Investments | 5.2 |
| Utilities | 5.2 |
| Consumer Discretionary | 2.2 |
| Consumer Staples | 1.9 |
| Communication Services | 1.4 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 126.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (22.6) |
| **Total Net Assets** | **(22.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/AQR Large Cap Defensive Style Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/AQR Large Cap Defensive Style Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $59 | 0.55% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/AQR Large Cap Defensive Style Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 13.42% for Class I shares compared to 17.80% for the Index. The underperformance was primarily driven by a general underweight to mega-cap information technology stocks.  | For the year ended December 31, 2025, JNL/AQR Large Cap Defensive Style Fund underperformed the Morningstar<sup>®</sup> US Target Market Exposure IndexSM by posting a return of 13.42% for Class I shares compared to 17.80% for the Index. The underperformance was primarily driven by a general underweight to mega-cap information technology stocks.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to communication services companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| General Electric Company  |
| Arista Networks, Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Deckers Outdoor Corporation  |
| Veeva Systems Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/AQR Large Cap Defensive Style Fund**

![](img_52d8741f2eb04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (June 24, 2019) |
| JNL/AQR Large Cap Defensive Style Fund (Class I) | 13.42% | 10.30% | 10.88% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 15.48% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/AQR Large Cap Defensive Style Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 414043 |
| Number of Investments: | 132 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 15.7 |
| Consumer Staples | 14.9 |
| Health Care | 14.4 |
| Financials | 12.7 |
| Industrials | 12.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 9.2 |
| Energy | 5.3 |
| Other Short Term Investments | 4.4 |
| Derivative Instruments | 4.0 |
| Other Sectors | 1.3 |
| **Total Net Assets** | 103.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $80 | 0.73% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Global Allocation Fund outperformed the 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index by posting a return of 19.08% for Class I shares compared to 17.78% for the Index. The outperformance was primarily driven by an overweight to equities, an allocation to precious metals, and positive effects from futures contracts. | For the year ended December 31, 2025, JNL/BlackRock Global Allocation Fund outperformed the 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index by posting a return of 19.08% for Class I shares compared to 17.78% for the Index. The outperformance was primarily driven by an overweight to equities, an allocation to precious metals, and positive effects from futures contracts. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps and futures |
| ⬥ | exposure to total return swap agreements |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| SPDR Gold Shares  |
| NVIDIA Corporation  |
| Top Detractor(s)  |
| Ziggo Bond Company B.V.  |
| Futures Contract  |
| ETSY, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Global Allocation Fund**

![](img_0d1150c3730f4.jpg)

<br> JNL/BlackRock Global Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Global Allocation Fund (Class I) | 19.08% | 6.39% | 7.77% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 12.11% |
| 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% ICE Bank of America Merrill Lynch Current 5-Year US Treasury Index, 16% FTSE Non-US Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes) | 17.78% | 6.68% | 8.09% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2608478 |
| Number of Investments: | 2606 |
| Portfolio Turnover (%): | 135 |
| Total Advisory Fees Paid ($): | 15078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 113.8 |
| Information Technology | 18.2 |
| Financials | 12.4 |
| Consumer Discretionary | 9.2 |
| Industrials | 8.8 |
| Communication Services | 7.9 |
| Other Short Term Investments | 7.7 |
| Health Care | 7.4 |
| Non-U.S. Government Agency ABS | 6.2 |
| Consumer Staples | 3.9 |
| Other Sectors | 17.6 |
| **Total Net Assets** | 213.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (83.6) |
| **Total Net Assets** | **(83.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Global Natural Resources Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/BlackRock Global Natural Resources Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $81 | 0.70% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Global Natural Resources Fund outperformed the S&P Global Natural Resources Index (Net) by posting a return of 30.19% for Class I shares compared to 28.86% for the Index. The outperformance was primarily driven by an overweight allocation to gold and positive stock selection. | For the year ended December 31, 2025, JNL/BlackRock Global Natural Resources Fund outperformed the S&P Global Natural Resources Index (Net) by posting a return of 30.19% for Class I shares compared to 28.86% for the Index. The outperformance was primarily driven by an overweight allocation to gold and positive stock selection. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold miners |
| ⬥ | exposure to integrated oil companies |
| ⬥ | exposure to steel |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to paper & plastic packaging products & materials |
| ⬥ | exposure to coal & consumable fuels |
| ⬥ | exposure to specialty chemicals |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Wheaton Precious Metals Corp.  |
| Newmont Corporation  |
| Barrick Gold Corporation  |
| Top Detractor(s)  |
| Smurfit Westrock PLC  |
| BP P.L.C.  |
| Graphic Packaging Holding Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Global Natural Resources Fund**

![](img_f5837b33af844.jpg)

<br> JNL/BlackRock Global Natural Resources Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Global Natural Resources Fund (Class I) | 30.19% | 13.95% | 9.00% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| S&P Global Natural Resources Index (Net) (reflects no deduction for fees, expenses, or taxes) | 28.86% | 10.61% | 10.38% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 745192 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 94 |
| Total Advisory Fees Paid ($): | 3949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 66.1 |
| Energy | 27.1 |
| Other Short Term Investments | 3.7 |
| Securities Lending Collateral | 3.1 |
| Consumer Staples | 2.0 |
| Industrials | 1.3 |
| **Total Net Assets** | 103.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/BlackRock Large Cap Select Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/BlackRock Large Cap Select Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $56 | 0.53% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/BlackRock Large Cap Select Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 11.74% for Class I shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in industrials and communication services. | For the year ended December 31, 2025, JNL/BlackRock Large Cap Select Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 11.74% for Class I shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in industrials and communication services. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Broadcom Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| Apple Inc.  |
| Salesforce, Inc.  |
| The Trade Desk, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/BlackRock Large Cap Select Growth Fund**

![](img_52c6fbe3bb2e4.jpg)

<br> JNL/BlackRock Large Cap Select Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/BlackRock Large Cap Select Growth Fund (Class I) | 11.74% | 10.74% | 15.51% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 16.49% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4412917 |
| Number of Investments: | 38 |
| Portfolio Turnover (%): | 63 |
| Total Advisory Fees Paid ($): | 19462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 55.1 |
| Communication Services | 11.6 |
| Consumer Discretionary | 11.4 |
| Health Care | 7.9 |
| Industrials | 6.3 |
| Financials | 3.9 |
| Other Short Term Investments | 2.0 |
| Consumer Staples | 0.9 |
| Materials | 0.5 |
| Energy | 0.5 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Causeway International Value Select Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Causeway International Value Select Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $80 | 0.66% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Causeway International Value Select Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) by posting a return of 43.44% for Class I shares compared to 41.10% for the Index. The outperformance was primarily driven by positive stock selection in financials and information technology and an underweight to energy.  | For the year ended December 31, 2025, JNL/Causeway International Value Select Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) by posting a return of 43.44% for Class I shares compared to 41.10% for the Index. The outperformance was primarily driven by positive stock selection in financials and information technology and an underweight to energy.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to U.K. companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Danish companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to consumer staples distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Rolls-Royce PLC  |
| Samsung Electronics Co., Ltd.  |
| Barclays PLC  |
| Top Detractor(s)  |
| Diageo PLC  |
| Novo Nordisk A/S  |
| Societe d'exploitation Hoteliere  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Causeway International Value Select Fund**

![](img_626d8e1c641d4.jpg)

<br> JNL/Causeway International Value Select Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Causeway International Value Select Fund (Class I) | 43.44% | 14.46% | 10.26% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.61% | 9.00% | 8.27% |
| Morningstar<sup>®</sup> Developed Markets ex-North America Value Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 41.10% | 13.23% | 8.73% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2790722 |
| Number of Investments: | 62 |
| Portfolio Turnover (%): | 45 |
| Total Advisory Fees Paid ($): | 11923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.2 |
| Industrials | 17.2 |
| Information Technology | 13.9 |
| Health Care | 13.2 |
| Consumer Staples | 9.2 |
| Consumer Discretionary | 9.1 |
| Materials | 5.6 |
| Communication Services | 4.3 |
| Utilities | 3.2 |
| Other Short Term Investments | 1.9 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 99.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/ClearBridge Large Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/ClearBridge Large Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $67 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/ClearBridge Large Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 9.39% for Class I shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in information technology and health care. | For the year ended December 31, 2025, JNL/ClearBridge Large Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 9.39% for Class I shares compared to 16.67% for the Index. The underperformance was primarily driven by negative stock selection in information technology and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to mid-cap companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| Oracle Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/ClearBridge Large Cap Growth Fund**

![](img_4e50984407134.jpg)

<br> JNL/ClearBridge Large Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/ClearBridge Large Cap Growth Fund (Class I) | 9.39% | 10.79% | 14.82% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 17.09% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1376178 |
| Number of Investments: | 42 |
| Portfolio Turnover (%): | 22 |
| Total Advisory Fees Paid ($): | 7364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 45.9 |
| Consumer Discretionary | 13.2 |
| Communication Services | 12.1 |
| Industrials | 8.4 |
| Health Care | 7.6 |
| Financials | 7.3 |
| Materials | 2.8 |
| Consumer Staples | 1.2 |
| Other Short Term Investments | 0.8 |
| Real Estate | 0.6 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Cohen & Steers U.S. Realty Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Cohen & Steers U.S. Realty Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $77 | 0.76% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Cohen & Steers U.S. Realty Fund outperformed the Morningstar<sup>®</sup> US REIT IndexSM by posting a return of 3.06% for Class I shares compared to 2.80% for the Index. The outperformance was primarily driven by stock selection in Health Care REITs. | For the year ended December 31, 2025, JNL/Cohen & Steers U.S. Realty Fund outperformed the Morningstar<sup>®</sup> US REIT IndexSM by posting a return of 3.06% for Class I shares compared to 2.80% for the Index. The outperformance was primarily driven by stock selection in Health Care REITs. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to health care REITs |
| ⬥ | exposure to industrial REITs |
| ⬥ | exposure to retail REITs |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to data center REITs |
| ⬥ | exposure to multi-family residential REITs |
| ⬥ | exposure to self-storage REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| ProLogis Inc.  |
| PACS Group, Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| Iron Mountain Incorporated  |
| Digital Realty Trust, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Cohen & Steers U.S. Realty Fund**

![](img_3188ce45056f4.jpg)

<br> JNL/Cohen & Steers U.S. Realty Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Cohen & Steers U.S. Realty Fund (Class I) | 3.06% | 5.04% | 5.17% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.44% |
| Morningstar<sup>®</sup> US REIT IndexSM (reflects no deduction for fees, expenses, or taxes) | 2.80% | 4.81% | 5.34% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 79736 |
| Number of Investments: | 42 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.4 |
| Consumer Discretionary | 1.4 |
| Health Care | 0.8 |
| Securities Lending Collateral | 0.7 |
| Other Short Term Investments | 0.6 |
| Warrants | 0.3 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DFA International Core Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DFA International Core Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $66 | 0.56% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA International Core Equity Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) by posting a return of 35.75% for Class I shares compared to 31.95% for the Index. The outperformance was primarily driven by positive stock selection in financials, Japan, and Canada. | For the year ended December 31, 2025, JNL/DFA International Core Equity Fund outperformed the Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) by posting a return of 35.75% for Class I shares compared to 31.95% for the Index. The outperformance was primarily driven by positive stock selection in financials, Japan, and Canada. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to Japanese equities |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to Swiss companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Rheinmetall Aktiengesellschaft  |
| Kinross Gold Corporation  |
| UniCredit S.p.A.  |
| Top Detractor(s)  |
| Novo Nordisk A/S  |
| Pandora A/S  |
| Wolters Kluwer N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA International Core Equity Fund**

![](img_3d16c2fe95414.jpg)

<br> JNL/DFA International Core Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (June 24, 2019) |
| JNL/DFA International Core Equity Fund (Class I) | 35.75% | 10.11% | 10.20% |
| Morningstar<sup>®</sup> Developed Markets ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.95% | 9.51% | 9.73% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 630781 |
| Number of Investments: | 1102 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 2112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 20.4 |
| Industrials | 19.9 |
| Materials | 11.4 |
| Consumer Discretionary | 10.6 |
| Health Care | 7.8 |
| Energy | 6.1 |
| Consumer Staples | 5.9 |
| Information Technology | 5.8 |
| Communication Services | 4.6 |
| Utilities | 4.0 |
| Other Sectors | 5.4 |
| **Total Net Assets** | 101.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Core Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Core Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $48 | 0.45% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA U.S. Core Equity Fund underperformed the Morningstar<sup>®</sup> US Market Extended IndexSM by posting a return of 15.55% for Class I shares compared to 17.21% for the Index. The underperformance was primarily driven by an underweight to U.S. large cap growth companies. | For the year ended December 31, 2025, JNL/DFA U.S. Core Equity Fund underperformed the Morningstar<sup>®</sup> US Market Extended IndexSM by posting a return of 15.55% for Class I shares compared to 17.21% for the Index. The underperformance was primarily driven by an underweight to U.S. large cap growth companies. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to real estate companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. large growth companies |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to capital goods companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Accenture Public Limited Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA U.S. Core Equity Fund**

![](img_d46cd316f3124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DFA U.S. Core Equity Fund (Class I) | 15.55% | 13.05% | 13.54% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/DFA U.S. Core Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1290796 |
| Number of Investments: | 2087 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 5080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.7 |
| Financials | 16.3 |
| Industrials | 12.0 |
| Consumer Discretionary | 10.4 |
| Communication Services | 9.4 |
| Health Care | 9.2 |
| Consumer Staples | 4.9 |
| Energy | 4.2 |
| Materials | 2.9 |
| Utilities | 2.4 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DFA U.S. Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DFA U.S. Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $66 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DFA U.S. Small Cap Fund underperformed the Morningstar<sup>®</sup> US Small Cap Extended IndexSM by posting a return of 7.41% for Class I shares compared to 11.86% for the Index. The underperformance was primarily driven by negative stock selection in information technology, industrials, and health care. | For the year ended December 31, 2025, JNL/DFA U.S. Small Cap Fund underperformed the Morningstar<sup>®</sup> US Small Cap Extended IndexSM by posting a return of 7.41% for Class I shares compared to 11.86% for the Index. The underperformance was primarily driven by negative stock selection in information technology, industrials, and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to energy companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to industrial companies |
| ⬥ | exposure to health care companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Bloom Energy Corporation  |
| Hecla Mining Company  |
| Fabrinet  |
| Top Detractor(s)  |
| Bellring Brands, LLC  |
| Globant S.A.  |
| Freshpet, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DFA U.S. Small Cap Fund**

![](img_6ca99c55e4cc4.jpg)

<br> JNL/DFA U.S. Small Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/DFA U.S. Small Cap Fund (Class I) | 7.41% | 8.85% | 8.44% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Small Cap Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 11.86% | 6.94% | 8.36% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 707906 |
| Number of Investments: | 1968 |
| Portfolio Turnover (%): | 20 |
| Total Advisory Fees Paid ($): | 3483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.6 |
| Financials | 20.4 |
| Consumer Discretionary | 14.1 |
| Health Care | 12.0 |
| Information Technology | 11.1 |
| Materials | 5.6 |
| Energy | 5.1 |
| Consumer Staples | 4.3 |
| Utilities | 3.0 |
| Communication Services | 2.7 |
| Other Sectors | 2.4 |
| **Total Net Assets** | 101.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Core Fixed Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Core Fixed Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $50 | 0.48% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Core Fixed Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.52% for Class I shares compared to 7.30% for the Index. Fund outperformance was primarily driven by an overweight to securitized sectors, including asset backed and commercial asset backed securities. | For the year ended December 31, 2025, JNL/DoubleLine Core Fixed Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.52% for Class I shares compared to 7.30% for the Index. Fund outperformance was primarily driven by an overweight to securitized sectors, including asset backed and commercial asset backed securities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to U.S. Treasury Bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Japanese Government Bonds |
| ⬥ | exposure to emerging market energy corporates |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Bond, United States Department of  |
| Treasury Bond, United States Department of  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Core Fixed Income Fund**

![](img_382b30daa8a84.jpg)

<br> JNL/DoubleLine Core Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/DoubleLine Core Fixed Income Fund (Class I) | 7.52% | 0.38% | 2.34% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2549644 |
| Number of Investments: | 1588 |
| Portfolio Turnover (%): | 41 |
| Total Advisory Fees Paid ($): | 9851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 71.6 |
| Government Securities | 26.8 |
| U.S. Government Agency MBS | 23.4 |
| Non-U.S. Government Agency ABS | 20.7 |
| Financials | 5.4 |
| Utilities | 4.2 |
| Industrials | 3.9 |
| Information Technology | 2.4 |
| Energy | 2.2 |
| Consumer Discretionary | 1.9 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 171.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (10.7) |
| **Total Net Assets** | **(10.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Emerging Markets Fixed Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Emerging Markets Fixed Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $81 | 0.78% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Emerging Markets Fixed Income Fund underperformed the Bloomberg EM USD Aggregate Index by posting a return of 8.84% for Class I shares compared to 11.11% for the Index. The underperformance was driven by the Fund's underweight to high yield emerging market sovereign bonds and selection within the energy sector.  | For the year ended December 31, 2025, JNL/DoubleLine Emerging Markets Fixed Income Fund underperformed the Bloomberg EM USD Aggregate Index by posting a return of 8.84% for Class I shares compared to 11.11% for the Index. The underperformance was driven by the Fund's underweight to high yield emerging market sovereign bonds and selection within the energy sector.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to emerging markets corporate bonds |
| ⬥ | exposure to emerging markets sovereign bonds |
| ⬥ | exposure to Mexican corporate and sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to emerging market energy corporates |
| ⬥ | exposure to Paraguay consumer non-durable corporate bonds |
| ⬥ | exposure to Brazilian retail corporate bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ecopetrol S.A.  |
| Departamento Administrativo De La Presidencia De La Republica  |
| Petroleos Mexicanos  |
| Top Detractor(s)  |
| Canacol Energy Ltd.  |
| Empresa Electrica Cochrane SpA  |
| Frigorifico Concepcion S.A.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Emerging Markets Fixed Income Fund**

![](img_61f52e1013614.jpg)

<br> JNL/DoubleLine Emerging Markets Fixed Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/DoubleLine Emerging Markets Fixed Income Fund (Class I) | 8.84% | 1.98% | 2.64% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 8.17% | -2.15% | 0.46% |
| Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 11.11% | 1.49% | 2.96% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 346116 |
| Number of Investments: | 144 |
| Portfolio Turnover (%): | 49 |
| Total Advisory Fees Paid ($): | 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.9 |
| Energy | 15.2 |
| Utilities | 15.0 |
| Materials | 12.9 |
| Consumer Staples | 9.3 |
| Government Securities | 9.2 |
| Industrials | 8.2 |
| Other Short Term Investments | 4.9 |
| Consumer Discretionary | 1.6 |
| Real Estate | 1.3 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 98.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Shiller Enhanced CAPE Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Shiller Enhanced CAPE Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $71 | 0.68% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Shiller Enhanced CAPE Fund underperformed the S&P 500 Index by posting a return of 9.29% for Class I shares compared to 17.88% for the Index. The underperformance was primarily driven by sector overweights to the real estate and materials sectors and information technology sector underweight. | For the year ended December 31, 2025, JNL/DoubleLine Shiller Enhanced CAPE Fund underperformed the S&P 500 Index by posting a return of 9.29% for Class I shares compared to 17.88% for the Index. The underperformance was primarily driven by sector overweights to the real estate and materials sectors and information technology sector underweight. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to chemical companies |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to containers & packaging  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| Top Detractor(s)  |
| Total Return Swap Agreement  |
| Total Return Swap Agreement  |
| HGI CRE CLO 2021-FL2, Ltd.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Shiller Enhanced CAPE Fund**

![](img_d39b763a348d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/DoubleLine Shiller Enhanced CAPE Fund (Class I) | 9.29% | 8.56% | 11.04% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/DoubleLine Shiller Enhanced CAPE Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1419184 |
| Number of Investments: | 642 |
| Portfolio Turnover (%): | 47 |
| Total Advisory Fees Paid ($): | 8134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 100.8 |
| Non-U.S. Government Agency ABS | 43.4 |
| Government Securities | 24.8 |
| Other Short Term Investments | 8.9 |
| U.S. Government Agency MBS | 5.2 |
| Financials | 4.9 |
| Industrials | 2.9 |
| Utilities | 2.2 |
| Information Technology | 1.7 |
| Energy | 1.6 |
| Other Sectors | 4.6 |
| **Total Net Assets** | 201.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/DoubleLine Total Return Fund |  |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/DoubleLine Total Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $55 | 0.53% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/DoubleLine Total Return Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.92% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to securitized sectors, such as Mortgages and Asset-Backed Securities.  | For the year ended December 31, 2025, JNL/DoubleLine Total Return Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.92% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to securitized sectors, such as Mortgages and Asset-Backed Securities.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to non-agency mortgage backed securities |
| ⬥ | exposure to commercial mortgage backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. Treasury Bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Federal National Mortgage Association, Inc.  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/DoubleLine Total Return Fund**

![](img_269f257037fb4.jpg)

JNL/DoubleLine Total Return Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/DoubleLine Total Return Fund (Class I) | 7.92% | 0.39% | 1.59% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1788823 |
| Number of Investments: | 481 |
| Portfolio Turnover (%): | 29 |
| Total Advisory Fees Paid ($): | 7930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 70.0 |
| U.S. Government Agency MBS | 55.4 |
| Non-U.S. Government Agency ABS | 40.7 |
| Other Short Term Investments | 2.2 |
| Government Securities | 1.0 |
| **Total Net Assets** | 169.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.4) |
| **Total Net Assets** | **(4.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Dreyfus Government Money Market Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Dreyfus Government Money Market Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $27 | 0.26% |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2402918 |
| Number of Investments: | 113 |
| Total Advisory Fees Paid ($): | 3958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 54.8 |
| Repurchase Agreements | 45.0 |
| Discount Notes | 1.1 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Fidelity Institutional Asset Management Total Bond Fund |  |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Fidelity Institutional Asset Management Total Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $49 | 0.47% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Fidelity Institutional Asset Management Total Bond Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.72% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven by its allocation to the US high yield corporate, bank loan and emerging market debt fixed income sectors. | For the year ended December 31, 2025, JNL/Fidelity Institutional Asset Management Total Bond Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.72% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven by its allocation to the US high yield corporate, bank loan and emerging market debt fixed income sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. Treasury Bonds |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to agency mortgage-backed securities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Top Detractor(s)  |
| New Fortress Energy Inc  |
| Futures Contract  |
| DB Master Finance LLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Fidelity Institutional Asset Management Total Bond Fund**

![](img_6b6f85ee489d4.jpg)

JNL/Fidelity Institutional Asset Management Total Bond Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Fidelity Institutional Asset Management Total Bond Fund (Class I) | 7.72% | 0.36% | 2.37% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1507516 |
| Number of Investments: | 2815 |
| Portfolio Turnover (%): | 51 |
| Total Advisory Fees Paid ($): | 5339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 39.5 |
| U.S. Government Agency MBS | 18.6 |
| Non-U.S. Government Agency ABS | 12.3 |
| Financials | 11.6 |
| Derivative Instruments | 11.1 |
| Other Short Term Investments | 3.8 |
| Energy | 3.5 |
| Industrials | 2.7 |
| Communication Services | 2.4 |
| Real Estate | 2.0 |
| Other Sectors | 8.7 |
| **Total Net Assets** | 116.2 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.4) |
| U.S. Government Agency MBS | (0.0) |
| **Total Net Assets** | **(4.4)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective May 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets up to $500 million, 0.015% on net assets between $500 million and $1 billion, and 0.030% on net assets over $1 billion and the Fund's management fee rate and total expense ratio decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/First Sentier Global Infrastructure Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/First Sentier Global Infrastructure Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $94 | 0.86% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/First Sentier Global Infrastructure Fund underperformed the S&P Global Infrastructure Index (Net) by posting a return of 17.97% for Class I shares compared to 21.54% for the Index. The underperformance was primarily driven by an overweight to telecommunication and railroad companies, underweight to airport and airport services, and stock selection in the energy midstream and electric utilities sectors.  | For the year ended December 31, 2025, JNL/First Sentier Global Infrastructure Fund underperformed the S&P Global Infrastructure Index (Net) by posting a return of 17.97% for Class I shares compared to 21.54% for the Index. The underperformance was primarily driven by an overweight to telecommunication and railroad companies, underweight to airport and airport services, and stock selection in the energy midstream and electric utilities sectors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to industrials |
| ⬥ | exposure to utilities companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to oil & storage & transport |
| ⬥ | exposure to data center REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| CCR S.A.  |
| National Grid PLC  |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V.  |
| Top Detractor(s)  |
| ONEOK, Inc.  |
| PG&E Corporation  |
| SBA Communications Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/First Sentier Global Infrastructure Fund**

![](img_89613b869d754.jpg)

<br> JNL/First Sentier Global Infrastructure Fund

---

| | | | |
|:---|:---|:---|:---|
| 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<sup>®</sup> Global Target Market Exposure IndexSM (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% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 471389 |
| Number of Investments: | 44 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 3510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 45.1 |
| Industrials | 35.3 |
| Energy | 10.0 |
| Real Estate | 5.4 |
| Communication Services | 2.9 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 99.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Franklin Templeton Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Franklin Templeton Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $67 | 0.63% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Franklin Templeton Income Fund outperformed the 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index by posting a return of 12.26% for Class I shares compared to 11.70% for the Index. The outperformance was primarily driven by positive stock selection within industrials and information technology as well as positive allocation effects from convertible preferred securities. | For the year ended December 31, 2025, JNL/Franklin Templeton Income Fund outperformed the 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index by posting a return of 12.26% for Class I shares compared to 11.70% for the Index. The outperformance was primarily driven by positive stock selection within industrials and information technology as well as positive allocation effects from convertible preferred securities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to material related stocks due to mixed commodity prices |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to telecommunication services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Johnson & Johnson  |
| Albemarle Corporation  |
| Cisco Systems, Inc.  |
| Top Detractor(s)  |
| Procter & Gamble Company, The  |
| Ardagh Packaging Finance Public Limited Company  |
| Wells Fargo Bank, National Association  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Franklin Templeton Income Fund**

![](img_3371cdde23394.jpg)

<br> JNL/Franklin Templeton Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Franklin Templeton Income Fund (Class I) | 12.26% | 7.50% | 7.40% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 50% Morningstar<sup>®</sup> Dividend Composite Index SM, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) | 11.70% | 7.27% | 8.58% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1403449 |
| Number of Investments: | 260 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 7323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Equity Linked Structured Notes | 16.6 |
| Health Care | 14.3 |
| Energy | 9.7 |
| Industrials | 8.8 |
| Financials | 8.0 |
| Utilities | 7.0 |
| U.S. Government Agency MBS | 6.3 |
| Consumer Staples | 5.9 |
| Materials | 5.7 |
| Consumer Discretionary | 5.4 |
| Other Sectors | 14.8 |
| **Total Net Assets** | 102.5 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in convertible securities and equity-linked notes ("ELNs"), and also to add a limit on its investments in debt securities that are rated below investment grade (also known as "high yield" or "junk" bonds"). As a result, the common stock equity securities in which the Fund invests include convertible securities and ELNs, and under normal market conditions, the Fund currently expects to invest between 20% to 30% of its total assets in debt securities that are rated below investment grade, but may invest up to 35% of its assets in such securities, including a portion in defaulted securities. |
| Effective April 28, 2025, the Fund revised its principal risks to list "derivatives risk" as a principal risk associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.050% of management fees on the Fund's net assets up to $200 million and 0.025% of management fees on the Fund's net assets between $200 million and $500 million and the Fund's management fee rate and total expense ratio decreased by 0.01%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction. |
| Effective December 31, 2025, the Fund changed its underlying benchmark from the 50% S&P 500 Value Index, 50% ICE BofA US High Yield Index to the 50% Morningstar<sup>®</sup> Dividend Composite IndexSM/25% Bloomberg US Aggregate Index/25% ICE BofA US High Yield Index. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

<br> JNL/Franklin Templeton Income Fund

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Goldman Sachs 4 Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Goldman Sachs 4 Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $43 | 0.40% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Goldman Sachs 4 Fund underperformed the S&P 500 Index by posting a return of 17.05% for Class I shares compared to 17.88% for the Index. The underperformance was primarily driven by a modest underweight to mega-cap information technology stocks.  | For the year ended December 31, 2025, JNL/Goldman Sachs 4 Fund underperformed the S&P 500 Index by posting a return of 17.05% for Class I shares compared to 17.88% for the Index. The underperformance was primarily driven by a modest underweight to mega-cap information technology stocks.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Lam Research Corporation  |
| Jabil Inc.  |
| Corning Incorporated  |
| Top Detractor(s)  |
| Conagra Brands, Inc.  |
| HP, Inc.  |
| Gartner, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Goldman Sachs 4 Fund**

![](img_c3fd4fe3b26d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Goldman Sachs 4 Fund (Class I) | 17.05% | 14.29% | 12.47% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes) | 13.19% | 12.96% | 11.17% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Goldman Sachs 4 Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4955794 |
| Number of Investments: | 146 |
| Portfolio Turnover (%): | 47 |
| Total Advisory Fees Paid ($): | 12411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 33.8 |
| Financials | 13.5 |
| Communication Services | 10.1 |
| Consumer Discretionary | 10.0 |
| Health Care | 9.8 |
| Industrials | 6.5 |
| Consumer Staples | 4.0 |
| Utilities | 3.1 |
| Real Estate | 3.1 |
| Energy | 3.0 |
| Other Sectors | 3.2 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/GQG Emerging Markets Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/GQG Emerging Markets Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $108 | 1.03% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/GQG Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 10.63% for Class I shares compared to 31.62% for the Index. The underperformance was primarily driven by an overweight to consumer staples, an underweight to South Korea, and negative stock selection in the U.S. | For the year ended December 31, 2025, JNL/GQG Emerging Markets Equity Fund underperformed the Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) by posting a return of 10.63% for Class I shares compared to 31.62% for the Index. The underperformance was primarily driven by an overweight to consumer staples, an underweight to South Korea, and negative stock selection in the U.S. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to Brazilian equities |
| ⬥ | exposure to Taiwan companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Indonesian equities |
| ⬥ | exposure to capital goods companies  |
| ⬥ | exposure to U.S. companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Banco BTG Pactual S/A  |
| ITAU Unibanco Holding SA  |
| Top Detractor(s)  |
| ITC Limited  |
| Marvell Technology Group Ltd  |
| PT. Bank Central Asia Tbk  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/GQG Emerging Markets Equity Fund**

![](img_a9f579865b204.jpg)

<br> JNL/GQG Emerging Markets Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/GQG Emerging Markets Equity Fund (Class I) | 10.63% | 2.95% | 6.50% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 4.54% | 5.97% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 744024 |
| Number of Investments: | 88 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 7244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 32.3 |
| Consumer Staples | 13.3 |
| Utilities | 11.0 |
| Industrials | 10.9 |
| Communication Services | 8.7 |
| Information Technology | 8.2 |
| Energy | 7.7 |
| Materials | 3.0 |
| Other Short Term Investments | 2.5 |
| Health Care | 1.5 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 102.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.0) |
| **Total Net Assets** | **(0.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Diversified Dividend Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Invesco Diversified Dividend Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.68% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Diversified Dividend Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 15.64% for Class I shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to and negative stock selection within communication services and an overweight to consumer staples. | For the year ended December 31, 2025, JNL/Invesco Diversified Dividend Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 15.64% for Class I shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to and negative stock selection within communication services and an overweight to consumer staples. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to banks |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Alphabet Inc.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Marvell Technology Group Ltd  |
| Microchip Technology Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Diversified Dividend Fund**

![](img_203ae2e52de14.jpg)

<br> JNL/Invesco Diversified Dividend Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Invesco Diversified Dividend Fund (Class I) | 15.64% | 10.72% | 8.79% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 11.80% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 818994 |
| Number of Investments: | 77 |
| Portfolio Turnover (%): | 59 |
| Total Advisory Fees Paid ($): | 4275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.8 |
| Health Care | 14.1 |
| Information Technology | 12.3 |
| Industrials | 11.5 |
| Consumer Staples | 9.5 |
| Consumer Discretionary | 8.2 |
| Communication Services | 7.2 |
| Energy | 5.3 |
| Utilities | 5.1 |
| Materials | 3.1 |
| Other Sectors | 3.8 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Invesco Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $71 | 0.66% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 15.74% for Class I shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in financials, information technology, and Japan. | For the year ended December 31, 2025, JNL/Invesco Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 15.74% for Class I shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in financials, information technology, and Japan. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to Danish companies |
| ⬥ | exposure to Indian equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Lam Research Corporation  |
| NVIDIA Corporation  |
| Top Detractor(s)  |
| Marvell Technology Group Ltd  |
| DLF Limited  |
| Novo Nordisk A/S  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Global Growth Fund**

![](img_a9c102b432c84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Invesco Global Growth Fund (Class I) | 15.74% | 7.38% | 11.16% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Invesco Global Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1345352 |
| Number of Investments: | 62 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 6810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 33.4 |
| Communication Services | 21.9 |
| Health Care | 12.9 |
| Financials | 12.1 |
| Consumer Discretionary | 10.6 |
| Industrials | 5.0 |
| Real Estate | 2.9 |
| Materials | 0.9 |
| Other Short Term Investments | 0.6 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Invesco Small Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Invesco Small Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $75 | 0.73% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Invesco Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 6.48% for Class I shares compared to 13.12% for the Index. The underperformance was primarily driven by negative stock selection within industrials, information technology, and real estate. | For the year ended December 31, 2025, JNL/Invesco Small Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM by posting a return of 6.48% for Class I shares compared to 13.12% for the Index. The underperformance was primarily driven by negative stock selection within industrials, information technology, and real estate. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. micro-cap companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to food beverage & tobacco |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Circle Internet Group, Inc.  |
| Guardant Health, Inc.  |
| Kratos Defense & Security Solutions, Inc.  |
| Top Detractor(s)  |
| Fermi Inc.  |
| Freshpet, Inc.  |
| II-VI Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Invesco Small Cap Growth Fund**

![](img_61119158d15f4.jpg)

<br> JNL/Invesco Small Cap Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Invesco Small Cap Growth Fund (Class I) | 6.48% | -0.43% | 9.36% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Small Cap Broad Growth Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.12% | 4.22% | 9.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1588683 |
| Number of Investments: | 102 |
| Portfolio Turnover (%): | 86 |
| Total Advisory Fees Paid ($): | 10175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 27.4 |
| Health Care | 24.2 |
| Information Technology | 23.2 |
| Financials | 9.1 |
| Consumer Discretionary | 8.9 |
| Energy | 1.9 |
| Utilities | 1.7 |
| Materials | 1.7 |
| Communication Services | 0.8 |
| Other Short Term Investments | 0.6 |
| Other Sectors | 0.6 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Global Allocation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Global Allocation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $80 | 0.74% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Global Allocation Fund underperformed the 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index by posting a return of 15.20% for Class I shares compared to 16.70% for the Index. The underperformance was driven by stock selection in communication services, industrials, and materials. | For the year ended December 31, 2025, JNL/JPMorgan Global Allocation Fund underperformed the 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index by posting a return of 15.20% for Class I shares compared to 16.70% for the Index. The underperformance was driven by stock selection in communication services, industrials, and materials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to banks |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to household & personal products companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| NVIDIA Corporation  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Top Detractor(s)  |
| Futures Contract  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Global Allocation Fund**

![](img_44db4d6e53fe4.jpg)

<br> JNL/JPMorgan Global Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/JPMorgan Global Allocation Fund (Class I) | 15.20% | 4.65% | 5.71% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| 60% Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net), 40% Bloomberg Global Aggregate ex-China Index (reflects no deduction for fees, expenses, or taxes) | 16.70% | 5.61% | 6.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 882101 |
| Number of Investments: | 1825 |
| Portfolio Turnover (%): | 96 |
| Total Advisory Fees Paid ($): | 5243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 63.3 |
| Government Securities | 15.1 |
| Financials | 14.0 |
| Information Technology | 12.0 |
| Other Short Term Investments | 10.9 |
| Consumer Discretionary | 9.0 |
| Industrials | 7.1 |
| Communication Services | 6.5 |
| Health Care | 5.7 |
| Investment Companies | 4.0 |
| Other Sectors | 14.1 |
| **Total Net Assets** | 161.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (25.9) |
| **Total Net Assets** | **(25.9)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Hedged Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Hedged Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $68 | 0.66% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Hedged Equity Fund underperformed the S&P 500 Index by posting a return of 7.41% for Class I shares compared to 17.88% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. | For the year ended December 31, 2025, JNL/JPMorgan Hedged Equity Fund underperformed the S&P 500 Index by posting a return of 7.41% for Class I shares compared to 17.88% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to equity options contracts |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| Option Contract  |
| SPXW US  |
| Option Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Hedged Equity Fund**

![](img_892d6157b2e14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/JPMorgan Hedged Equity Fund (Class I) | 7.41% | 8.91% | 9.06% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.53% |
| CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 9.33% | 6.47% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/JPMorgan Hedged Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 882611 |
| Number of Investments: | 155 |
| Portfolio Turnover (%): | 30 |
| Total Advisory Fees Paid ($): | 4452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.3 |
| Financials | 13.6 |
| Consumer Discretionary | 11.8 |
| Communication Services | 10.6 |
| Health Care | 9.5 |
| Industrials | 7.8 |
| Consumer Staples | 3.6 |
| Energy | 2.9 |
| Utilities | 2.3 |
| Real Estate | 1.7 |
| Other Sectors | 3.6 |
| **Total Net Assets** | 101.7 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.2) |
| **Total Net Assets** | **(1.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan MidCap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan MidCap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $61 | 0.59% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan MidCap Growth Fund outperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 8.41% for Class I shares compared to 6.78% for the Index. The outperformance was driven by positive stock selection in Industrials and positive allocation effect from real estate and health care. | For the year ended December 31, 2025, JNL/JPMorgan MidCap Growth Fund outperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 8.41% for Class I shares compared to 6.78% for the Index. The outperformance was driven by positive stock selection in Industrials and positive allocation effect from real estate and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to growth equities |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. micro-cap companies |
| ⬥ | exposure to U.S. small cap companies |
| ⬥ | exposure to consumer staple and materials companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Palantir Technologies Inc.  |
| Robinhood Markets, Inc.  |
| Insmed Incorporated  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Gartner, Inc.  |
| HubSpot, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan MidCap Growth Fund**

![](img_15be2ae3bfb54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan MidCap Growth Fund (Class I) | 8.41% | 4.54% | 12.47% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.78% | 6.07% | 11.88% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/JPMorgan MidCap Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3402642 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 69 |
| Total Advisory Fees Paid ($): | 16419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 20.6 |
| Industrials | 19.1 |
| Health Care | 19.1 |
| Information Technology | 16.0 |
| Financials | 9.5 |
| Communication Services | 5.2 |
| Energy | 3.2 |
| Utilities | 2.1 |
| Consumer Staples | 1.9 |
| Real Estate | 1.7 |
| Other Sectors | 1.7 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan Nasdaq Hedged Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan Nasdaq Hedged Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $72 | 0.69% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan Nasdaq Hedged Equity Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 9.02% for Class I shares compared to 21.02% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. | For the year ended December 31, 2025, JNL/JPMorgan Nasdaq Hedged Equity Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 9.02% for Class I shares compared to 21.02% for the Index. The underperformance was driven primarily by the Fund's equity option positions which serve as a broad market hedge. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to equity options contracts |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| Option Contract  |
| Option Contract  |
| Option Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan Nasdaq Hedged Equity Fund**

![](img_922e9855dd834.jpg)

<br> JNL/JPMorgan Nasdaq Hedged Equity Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (October 21, 2024) |
| JNL/JPMorgan Nasdaq Hedged Equity Fund (Class I) | 9.02% | 10.26% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 15.30% |
| Nasdaq-100<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 20.75% |
| CBOE Nasdaq 100<sup>®</sup> Buywrite Index (reflects no deduction for fees, expenses, or taxes) | 8.91% | 11.68% |
| Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 46897 |
| Number of Investments: | 98 |
| Portfolio Turnover (%): | 78 |
| Total Advisory Fees Paid ($): | 248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 51.5 |
| Communication Services | 15.2 |
| Consumer Discretionary | 13.9 |
| Health Care | 5.2 |
| Consumer Staples | 4.1 |
| Derivative Instruments | 3.7 |
| Industrials | 3.2 |
| Other Short Term Investments | 3.0 |
| Utilities | 1.2 |
| Materials | 0.9 |
| Other Sectors | 1.2 |
| **Total Net Assets** | 103.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (1.8) |
| **Total Net Assets** | **(1.8)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Government & Quality Bond Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Government & Quality Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $40 | 0.39% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed the Bloomberg U.S. Government Index by posting a return of 6.95% for Class I shares compared to 6.31% for the Index. The outperformance was driven by an underweight to long duration Treasuries. | For the year ended December 31, 2025, JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed the Bloomberg U.S. Government Index by posting a return of 6.95% for Class I shares compared to 6.31% for the Index. The outperformance was driven by an underweight to long duration Treasuries. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to U.S. Treasury Bonds |
| ⬥ | exposure to commercial mortgage backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to investment grade technology services bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Bond, United States Department of  |
| Federal National Mortgage Association, Inc.  |
| Top Detractor(s)  |
| CF Hippolyta Issuer LLC  |
| Treasury Bond, United States Department of  |
| Treasury Bond, United States Department of  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan U.S. Government & Quality Bond Fund**

![](img_42ca4f00b5604.jpg)

<br> JNL/JPMorgan U.S. Government & Quality Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan U.S. Government & Quality Bond Fund (Class I) | 6.95% | -0.29% | 1.73% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government Index (reflects no deduction for fees, expenses, or taxes) | 6.31% | -0.94% | 1.38% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1236046 |
| Number of Investments: | 305 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 3652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 45.3 |
| Government Securities | 38.8 |
| Non-U.S. Government Agency ABS | 8.3 |
| Financials | 3.7 |
| Communication Services | 1.2 |
| Other Short Term Investments | 0.7 |
| Utilities | 0.7 |
| Securities Lending Collateral | 0.3 |
| Information Technology | 0.3 |
| Consumer Staples | 0.2 |
| Other Sectors | 0.3 |
| **Total Net Assets** | 99.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.6) |
| **Total Net Assets** | **(0.6)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/JPMorgan U.S. Value Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/JPMorgan U.S. Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $63 | 0.59% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/JPMorgan U.S. Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.21% for Class I shares compared to 18.83% for the Index. The underperformance was driven by an underweight communication services and negative stock selection in industrials. | For the year ended December 31, 2025, JNL/JPMorgan U.S. Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.21% for Class I shares compared to 18.83% for the Index. The underperformance was driven by an underweight communication services and negative stock selection in industrials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to U.S. large cap technology companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to material companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Western Digital Corporation  |
| Wells Fargo & Company  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Carrier Global Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/JPMorgan U.S. Value Fund**

![](img_d6a93a9399a04.jpg)

<br> JNL/JPMorgan U.S. Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/JPMorgan U.S. Value Fund (Class I) | 14.21% | 12.32% | 9.31% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1335517 |
| Number of Investments: | 90 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 7385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.9 |
| Industrials | 15.3 |
| Health Care | 13.5 |
| Consumer Discretionary | 9.4 |
| Information Technology | 9.0 |
| Communication Services | 5.7 |
| Energy | 5.0 |
| Consumer Staples | 5.0 |
| Utilities | 4.1 |
| Materials | 3.7 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Lazard International Quality Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Lazard International Quality Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $79 | 0.75% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Lazard International Quality Growth Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 11.69% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, the United Kingdom, and in the industrials, information technology, and financial sectors. | For the year ended December 31, 2025, JNL/Lazard International Quality Growth Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 11.69% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, the United Kingdom, and in the industrials, information technology, and financial sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to Hong Kong equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to mid-cap companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| ASML Holding N.V.  |
| Dollarama Inc.  |
| Top Detractor(s)  |
| Accenture Public Limited Company  |
| Diageo PLC  |
| Wolters Kluwer N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Lazard International Quality Growth Fund**

![](img_69a29afb65e14.jpg)

<br> JNL/Lazard International Quality Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Lazard International Quality Growth Fund (Class I) | 11.69% | 3.17% | 5.54% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 7.32% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 393247 |
| Number of Investments: | 48 |
| Portfolio Turnover (%): | 15 |
| Total Advisory Fees Paid ($): | 2765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 22.4 |
| Industrials | 22.0 |
| Financials | 17.0 |
| Health Care | 15.0 |
| Communication Services | 8.3 |
| Consumer Staples | 6.9 |
| Consumer Discretionary | 6.4 |
| Other Short Term Investments | 1.9 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Loomis Sayles Global Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Loomis Sayles Global Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $77 | 0.71% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Loomis Sayles Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 17.83% for Class I shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in information technology and financials. | For the year ended December 31, 2025, JNL/Loomis Sayles Global Growth Fund underperformed the Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) by posting a return of 17.83% for Class I shares compared to 22.23% for the Index. The underperformance was primarily driven by negative stock selection in information technology and financials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to diversified financial services |
| ⬥ | exposure to Danish companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Shopify Inc.  |
| MercadoLibre, Inc.  |
| Top Detractor(s)  |
| FANUC Corporation  |
| Novo Nordisk A/S  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Loomis Sayles Global Growth Fund**

![](img_84709c8030df4.jpg)

<br> JNL/Loomis Sayles Global Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Loomis Sayles Global Growth Fund (Class I) | 17.83% | 9.17% | 12.81% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.41% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 953050 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 14 |
| Total Advisory Fees Paid ($): | 4844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 24.7 |
| Communication Services | 23.7 |
| Information Technology | 18.9 |
| Health Care | 13.4 |
| Industrials | 8.3 |
| Financials | 7.6 |
| Consumer Staples | 3.0 |
| Other Short Term Investments | 0.3 |
| **Total Net Assets** | 99.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective December 11, 2025, the Fund updated its criteria for determining the classification of securities as U.S. or non-U.S. As part of this change, the Fund's sub-adviser considers a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer's securities are primarily traded; the location of the issuer's headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. As a result, the Fund no longer considers a security to be foreign if: (1) it is included in the U.S. equity indices published by S&P Global Ratings or Russell Investments; or, (2) if the security's "country of risk" defined by Bloomberg is the United States and the security's "country of incorporation" defined by Bloomberg is the United States. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Lord Abbett Short Duration Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Lord Abbett Short Duration Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $52 | 0.50% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Lord Abbett Short Duration Income Fund outperformed the ICE BofA 1-3 Year US Corporate Index by posting a return of 6.28% for Class I shares compared to 5.89% for the Index. Relative performance was primarily driven by a modest allocation to high yield corporate bonds | For the year ended December 31, 2025, JNL/Lord Abbett Short Duration Income Fund outperformed the ICE BofA 1-3 Year US Corporate Index by posting a return of 6.28% for Class I shares compared to 5.89% for the Index. Relative performance was primarily driven by a modest allocation to high yield corporate bonds |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | moderate exposure to high yield corporate bonds |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Centene Corporation  |
| Futures Contract  |
| Top Detractor(s)  |
| HGI CRE CLO 2021-FL2, Ltd.  |
| Futures Contract  |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Lord Abbett Short Duration Income Fund**

![](img_8eda677ef6fa4.jpg)

<br> JNL/Lord Abbett Short Duration Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (April 27, 2020) |
| JNL/Lord Abbett Short Duration Income Fund (Class I) | 6.28% | 2.57% | 3.09% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 0.10% |
| ICE BofA 1-3 Year US Corporate Index (reflects no deduction for fees, expenses, or taxes) | 5.89% | 2.49% | 2.86% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 711820 |
| Number of Investments: | 752 |
| Portfolio Turnover (%): | 96 |
| Total Advisory Fees Paid ($): | 2468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 48.5 |
| Non-U.S. Government Agency ABS | 30.1 |
| Financials | 18.3 |
| Energy | 11.0 |
| Industrials | 6.7 |
| Consumer Discretionary | 5.7 |
| Government Securities | 4.6 |
| Health Care | 4.4 |
| Utilities | 4.2 |
| Information Technology | 3.3 |
| Other Sectors | 10.6 |
| **Total Net Assets** | 147.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (11.4) |
| **Total Net Assets** | **(11.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Communication Services Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Communication Services Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.29% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Communication Services Sector Fund underperformed the Morningstar<sup>®</sup> US Communication Services IndexSM by posting a return of 33.47% for Class I shares compared to 33.93% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Communication Services Sector Fund underperformed the Morningstar<sup>®</sup> US Communication Services IndexSM by posting a return of 33.47% for Class I shares compared to 33.93% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to media and entertainment companies |
| ⬥ | exposure to telecommunication services companies |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| Alphabet Inc.  |
| Meta Platforms, Inc.  |
| Top Detractor(s)  |
| Comcast Corporation  |
| Former Charter Communications Parent, Inc.  |
| AppLovin Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Communication Services Sector Fund**

![](img_90f1bc8b29584.jpg)

<br> JNL/Mellon Communication Services Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Communication Services Sector Fund (Class I) | 33.47% | 14.31% | 14.21% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Communication Services IndexSM (reflects no deduction for fees, expenses, or taxes) | 33.93% | 14.49% | 15.10% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1130019 |
| Number of Investments: | 54 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 1648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 96.1 |
| Information Technology | 2.4 |
| Derivative Instruments | 1.3 |
| Other Short Term Investments | 0.4 |
| Real Estate | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Discretionary Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Discretionary Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.29% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Consumer Discretionary Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Cyclical IndexSM by posting a return of 5.43% for Class I shares compared to 5.70% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Consumer Discretionary Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Cyclical IndexSM by posting a return of 5.43% for Class I shares compared to 5.70% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to automobiles and components companies |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to consumer services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to German equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Tesla Inc.  |
| TJX Companies, Inc., The  |
| Amazon.com, Inc.  |
| Top Detractor(s)  |
| Chipotle Mexican Grill, Inc.  |
| Home Depot, Inc. , The  |
| Lululemon Athletica Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Consumer Discretionary Sector Fund**

![](img_8e6e7a07022e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Consumer Discretionary Sector Fund (Class I) | 5.43% | 7.72% | 13.39% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Consumer Cyclical IndexSM (reflects no deduction for fees, expenses, or taxes) | 5.70% | 8.06% | 13.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Consumer Discretionary Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1321807 |
| Number of Investments: | 145 |
| Portfolio Turnover (%): | 18 |
| Total Advisory Fees Paid ($): | 2473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Discretionary | 96.8 |
| Materials | 2.0 |
| Industrials | 0.5 |
| Consumer Staples | 0.4 |
| Derivative Instruments | 0.3 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.3 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "foreign securities risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Consumer Staples Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Consumer Staples Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.30% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Consumer Staples Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Defensive IndexSM by posting a return of 0.78% for Class I shares compared to 1.11% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Consumer Staples Sector Fund underperformed the Morningstar<sup>®</sup> US Consumer Defensive IndexSM by posting a return of 0.78% for Class I shares compared to 1.11% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to consumer staples distribution and retail companies |
| ⬥ | exposure to food, beverage & tobacco companies |
| ⬥ | exposure to health care equipment and services companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Walmart Inc.  |
| Philip Morris International Inc.  |
| Coca-Cola Company, The  |
| Top Detractor(s)  |
| Procter & Gamble Company, The  |
| Costco Wholesale Corporation  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Consumer Staples Sector Fund**

![](img_75557c0fbcb44.jpg)

<br> JNL/Mellon Consumer Staples Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Consumer Staples Sector Fund (Class I) | 0.78% | 5.83% | 7.40% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Consumer Defensive IndexSM (reflects no deduction for fees, expenses, or taxes) | 1.11% | 6.28% | 8.37% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 350400 |
| Number of Investments: | 61 |
| Portfolio Turnover (%): | 37 |
| Total Advisory Fees Paid ($): | 744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Consumer Staples | 98.5 |
| Derivative Instruments | 0.9 |
| Consumer Discretionary | 0.7 |
| Other Short Term Investments | 0.5 |
| Securities Lending Collateral | 0.2 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Dow Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Dow Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $32 | 0.30% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Dow Index Fund underperformed the Dow Jones Industrial Average<sup>®</sup> by posting a return of 14.57% for Class I shares compared to 14.92% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Dow Index Fund underperformed the Dow Jones Industrial Average<sup>®</sup> by posting a return of 14.57% for Class I shares compared to 14.92% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial services companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| The Goldman Sachs Group, Inc.  |
| Caterpillar Inc.  |
| JPMorgan Chase & Co.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| Home Depot, Inc. , The  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Dow Index Fund**

![](img_2ee2bf1ba1524.jpg)

<br> JNL/Mellon Dow Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Dow Index Fund (Class I) | 14.57% | 11.24% | 11.67% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Dow Jones Industrial Average<sup>®</sup> (reflects no deduction for fees, expenses, or taxes) | 14.92% | 11.58% | 12.01% |
| The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "Dow Jones Industrial Average<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with SPDJI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1308433 |
| Number of Investments: | 32 |
| Portfolio Turnover (%): | 0 |
| Total Advisory Fees Paid ($): | 2294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 28.2 |
| Information Technology | 20.1 |
| Industrials | 14.6 |
| Health Care | 12.4 |
| Consumer Discretionary | 12.0 |
| Consumer Staples | 4.1 |
| Materials | 4.1 |
| Communication Services | 2.0 |
| Energy | 2.0 |
| Derivative Instruments | 0.5 |
| Other Sectors | 0.5 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Energy Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Energy Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.29% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Energy Sector Fund underperformed the Morningstar<sup>®</sup> US Energy IndexSM by posting a return of 7.24% for Class I shares compared to 7.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Energy Sector Fund underperformed the Morningstar<sup>®</sup> US Energy IndexSM by posting a return of 7.24% for Class I shares compared to 7.61% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to integrated oil companies |
| ⬥ | exposure to oil & gas refining and marketing  |
| ⬥ | exposure to oilfield services & equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to oil & gas exploration & production |
| ⬥ | exposure contract drilling companies |
| ⬥ | exposure to oil & storage & transport |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Exxon Mobil Corporation  |
| Chevron Corporation  |
| Valero Energy Corporation  |
| Top Detractor(s)  |
| ONEOK, Inc.  |
| EOG Resources, Inc.  |
| Occidental Petroleum Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Energy Sector Fund**

![](img_2ca5843150174.jpg)

<br> JNL/Mellon Energy Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Energy Sector Fund (Class I) | 7.24% | 23.21% | 7.39% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Energy IndexSM (reflects no deduction for fees, expenses, or taxes) | 7.61% | 23.56% | 7.89% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1462850 |
| Number of Investments: | 50 |
| Portfolio Turnover (%): | 9 |
| Total Advisory Fees Paid ($): | 2825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Energy | 99.2 |
| Derivative Instruments | 0.5 |
| Utilities | 0.4 |
| Other Short Term Investments | 0.4 |
| Securities Lending Collateral | 0.0 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Financial Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Financial Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $31 | 0.29% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Financial Sector Fund underperformed the Morningstar<sup>®</sup> US Financial Services IndexSM by posting a return of 16.58% for Class I shares compared to 16.86% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Financial Sector Fund underperformed the Morningstar<sup>®</sup> US Financial Services IndexSM by posting a return of 16.58% for Class I shares compared to 16.86% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to financial services companies |
| ⬥ | exposure to banks |
| ⬥ | exposure to insurance companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to health care equipment and services companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| The Goldman Sachs Group, Inc.  |
| Berkshire Hathaway Inc.  |
| Top Detractor(s)  |
| PayPal Holdings, Inc.  |
| Marsh & Mclennan Companies, Inc.  |
| Blackstone Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Financial Sector Fund**

![](img_4cd03b882ed24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Financial Sector Fund (Class I) | 16.58% | 14.92% | 12.70% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Financial Services IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.86% | 14.74% | 13.91% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Financial Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1542393 |
| Number of Investments: | 186 |
| Portfolio Turnover (%): | 10 |
| Total Advisory Fees Paid ($): | 2773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 98.9 |
| Derivative Instruments | 0.6 |
| Other Short Term Investments | 0.5 |
| Information Technology | 0.4 |
| Industrials | 0.2 |
| Securities Lending Collateral | 0.1 |
| Health Care | 0.0 |
| **Total Net Assets** | 100.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Healthcare Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Healthcare Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $30 | 0.28% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Healthcare Sector Fund underperformed the Morningstar<sup>®</sup> US Healthcare IndexSM by posting a return of 14.87% for Class I shares compared to 15.19% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Healthcare Sector Fund underperformed the Morningstar<sup>®</sup> US Healthcare IndexSM by posting a return of 14.87% for Class I shares compared to 15.19% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to health care equipment and services companies  |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to containers & packaging  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Eli Lilly and Company  |
| Johnson & Johnson  |
| AbbVie Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Zoetis Inc.  |
| Centene Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Healthcare Sector Fund**

![](img_b168e8f63d844.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Healthcare Sector Fund (Class I) | 14.87% | 6.46% | 9.37% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Healthcare IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.19% | 6.76% | 9.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Healthcare Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2805816 |
| Number of Investments: | 136 |
| Portfolio Turnover (%): | 4 |
| Total Advisory Fees Paid ($): | 4859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 99.3 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.3 |
| Materials | 0.1 |
| Securities Lending Collateral | 0.0 |
| Rights | 0.0 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Industrials Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Industrials Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.30% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Industrials Sector Fund underperformed the Morningstar<sup>®</sup> US Industrials IndexSM by posting a return of 18.49% for Class I shares compared to 18.73% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Industrials Sector Fund underperformed the Morningstar<sup>®</sup> US Industrials IndexSM by posting a return of 18.49% for Class I shares compared to 18.73% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to transportation companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to air freight & logistic companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| General Electric Company  |
| Caterpillar Inc.  |
| United Technologies Corp.  |
| Top Detractor(s)  |
| United Parcel Service, Inc.  |
| Copart, Inc.  |
| Global Payments Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Industrials Sector Fund**

![](img_d165156209b74.jpg)

<br> JNL/Mellon Industrials Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Industrials Sector Fund (Class I) | 18.49% | 13.02% | 11.78% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Industrials IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.73% | 13.35% | 12.16% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 385735 |
| Number of Investments: | 198 |
| Portfolio Turnover (%): | 21 |
| Total Advisory Fees Paid ($): | 641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 98.1 |
| Consumer Discretionary | 0.6 |
| Derivative Instruments | 0.5 |
| Other Short Term Investments | 0.4 |
| Financials | 0.3 |
| Information Technology | 0.3 |
| Materials | 0.1 |
| Securities Lending Collateral | 0.1 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Information Technology Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Information Technology Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $29 | 0.26% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Information Technology Sector Fund underperformed the Morningstar<sup>®</sup> US Technology IndexSM by posting a return of 21.15% for Class I shares compared to 21.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Information Technology Sector Fund underperformed the Morningstar<sup>®</sup> US Technology IndexSM by posting a return of 21.15% for Class I shares compared to 21.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| Apple Inc.  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Information Technology Sector Fund**

![](img_dd028a9ad8f34.jpg)

<br> JNL/Mellon Information Technology Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Information Technology Sector Fund (Class I) | 21.15% | 18.96% | 23.04% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Technology IndexSM (reflects no deduction for fees, expenses, or taxes) | 21.43% | 19.33% | 23.29% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon Information Technology Sector Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 7633321 |
| Number of Investments: | 197 |
| Portfolio Turnover (%): | 25 |
| Total Advisory Fees Paid ($): | 11559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 96.3 |
| Industrials | 2.2 |
| Financials | 0.9 |
| Derivative Instruments | 0.3 |
| Other Short Term Investments | 0.3 |
| Consumer Discretionary | 0.2 |
| Securities Lending Collateral | 0.2 |
| Communication Services | 0.1 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Materials Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Materials Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.32% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Materials Sector Fund underperformed the Morningstar<sup>®</sup> US Basic Materials IndexSM by posting a return of 14.89% for Class I shares compared to 15.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Materials Sector Fund underperformed the Morningstar<sup>®</sup> US Basic Materials IndexSM by posting a return of 14.89% for Class I shares compared to 15.30% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to metals and mining equities |
| ⬥ | exposure to construction materials companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to chemical companies |
| ⬥ | exposure to capital goods companies  |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Newmont Corporation  |
| CRH Public Limited Company  |
| Freeport-McMoRan Inc.  |
| Top Detractor(s)  |
| Dow Inc.  |
| Air Products and Chemicals, Inc.  |
| LyondellBasell Industries N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Materials Sector Fund**

![](img_891893fe04714.jpg)

<br> JNL/Mellon Materials Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Materials Sector Fund (Class I) | 14.89% | 7.99% | 7.95% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Basic Materials IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.30% | 8.49% | 8.74% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 162206 |
| Number of Investments: | 46 |
| Portfolio Turnover (%): | 35 |
| Total Advisory Fees Paid ($): | 316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Materials | 98.5 |
| Industrials | 1.1 |
| Other Short Term Investments | 0.5 |
| Derivative Instruments | 0.5 |
| **Total Net Assets** | 100.6 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "foreign securities risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Nasdaq 100 Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Nasdaq 100 Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $31 | 0.28% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Nasdaq 100 Index Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 20.70% for Class I shares compared to 21.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Nasdaq 100 Index Fund underperformed the Nasdaq-100<sup>®</sup> Index by posting a return of 20.70% for Class I shares compared to 21.02% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to telecommunication services companies |
| ⬥ | exposure to diversified financial services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Broadcom Inc.  |
| Palantir Technologies Inc.  |
| Top Detractor(s)  |
| Adobe Inc.  |
| The Trade Desk, Inc.  |
| Marvell Technology Group Ltd  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Nasdaq 100 Index Fund**

![](img_032622a6f6664.jpg)

<br> JNL/Mellon Nasdaq 100 Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon Nasdaq 100 Index Fund (Class I) | 20.70% | 14.99% | 19.48% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Nasdaq-100<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 21.02% | 15.30% | 19.70% |
| Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Nasdaq<sup>®</sup> and the Nasdaq-100 Index<sup>®</sup> are registered trademarks of Nasdaq, Inc. ("Nasdaq") and are licensed for use by Jackson National Life Insurance Company. Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. <br>For additional information regarding the licensing arrangements with Nasdaq and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9714092 |
| Number of Investments: | 104 |
| Portfolio Turnover (%): | 11 |
| Total Advisory Fees Paid ($): | 13905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 52.6 |
| Communication Services | 15.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 5.4 |
| Consumer Staples | 4.6 |
| Industrials | 4.2 |
| Utilities | 1.4 |
| Materials | 1.1 |
| Derivative Instruments | 0.5 |
| Energy | 0.5 |
| Other Sectors | 1.3 |
| **Total Net Assets** | 100.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Real Estate Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Real Estate Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $32 | 0.31% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Real Estate Sector Fund underperformed the Morningstar<sup>®</sup> US Real Estate IndexSM by posting a return of 3.72% for Class I shares compared to 4.14% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Real Estate Sector Fund underperformed the Morningstar<sup>®</sup> US Real Estate IndexSM by posting a return of 3.72% for Class I shares compared to 4.14% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to health care REITs |
| ⬥ | exposure to industrial REITs |
| ⬥ | exposure to retail REITs |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to data center REITs |
| ⬥ | exposure to self-storage REITs |
| ⬥ | exposure to office REITs |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| ProLogis Inc.  |
| CBRE Group, Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| Alexandria Real Estate Equities, Inc.  |
| Iron Mountain Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Real Estate Sector Fund**

![](img_0c1cac42811c4.jpg)

<br> JNL/Mellon Real Estate Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Real Estate Sector Fund (Class I) | 3.72% | 4.56% | 4.83% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Real Estate IndexSM (reflects no deduction for fees, expenses, or taxes) | 4.14% | 4.70% | 5.07% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 193310 |
| Number of Investments: | 79 |
| Portfolio Turnover (%): | 12 |
| Total Advisory Fees Paid ($): | 393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 96.2 |
| Financials | 2.8 |
| Derivative Instruments | 1.1 |
| Securities Lending Collateral | 1.0 |
| Other Short Term Investments | 0.7 |
| **Total Net Assets** | 101.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon S&P 500 Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon S&P 500 Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $24 | 0.22% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.62% for Class I shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon S&P 500 Index Fund underperformed the S&P 500<sup>®</sup> Index by posting a return of 17.62% for Class I shares compared to 17.88% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to containers & packaging  |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon S&P 500 Index Fund**

![](img_1785700fc84d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Mellon S&P 500 Index Fund (Class I) | 17.62% | 14.20% | 14.56% |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company and its Affiliates. <br>For additional information regarding the licensing arrangements with SPDJI, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Mellon S&P 500 Index Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 17097359 |
| Number of Investments: | 508 |
| Portfolio Turnover (%): | 3 |
| Total Advisory Fees Paid ($): | 15878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.3 |
| Financials | 13.3 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.6 |
| Industrials | 8.1 |
| Securities Lending Collateral | 4.9 |
| Consumer Staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.3 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 105.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon U.S. Stock Market Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon U.S. Stock Market Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $34 | 0.31% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon U.S. Stock Market Index Fund underperformed the Morningstar<sup>®</sup> US Market IndexSM by posting a return of 16.98% for Class I shares compared to 17.35% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon U.S. Stock Market Index Fund underperformed the Morningstar<sup>®</sup> US Market IndexSM by posting a return of 16.98% for Class I shares compared to 17.35% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to media and entertainment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to investment grade apparel/footwear bonds |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Salesforce, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon U.S. Stock Market Index Fund**

![](img_da814862f0684.jpg)

<br> JNL/Mellon U.S. Stock Market Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon U.S. Stock Market Index Fund (Class I) | 16.98% | 13.01% | 13.94% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Market IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.35% | 13.29% | 14.29% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4902933 |
| Number of Investments: | 1173 |
| Portfolio Turnover (%): | 2 |
| Total Advisory Fees Paid ($): | 7594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.6 |
| Financials | 13.5 |
| Consumer Discretionary | 10.5 |
| Communication Services | 10.2 |
| Health Care | 9.7 |
| Industrials | 9.2 |
| Consumer Staples | 4.5 |
| Energy | 2.8 |
| Utilities | 2.2 |
| Real Estate | 2.1 |
| Other Sectors | 3.1 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon Utilities Sector Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon Utilities Sector Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.30% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon Utilities Sector Fund underperformed the Morningstar<sup>®</sup> US Utilities IndexSM by posting a return of 19.02% for Class I shares compared to 19.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon Utilities Sector Fund underperformed the Morningstar<sup>®</sup> US Utilities IndexSM by posting a return of 19.02% for Class I shares compared to 19.43% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to electric utilities |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to multi-utilities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| GE Vernova Inc.  |
| Constellation Energy Group, Inc.  |
| NextEra Energy, Inc.  |
| Top Detractor(s)  |
| PG&E Corporation  |
| Edison International  |
| ALTC Acquisition Corp.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon Utilities Sector Fund**

![](img_7eb26807b7324.jpg)

<br> JNL/Mellon Utilities Sector Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon Utilities Sector Fund (Class I) | 19.02% | 10.51% | 9.56% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar<sup>®</sup> US Utilities IndexSM (reflects no deduction for fees, expenses, or taxes) | 19.43% | 10.90% | 9.93% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 751429 |
| Number of Investments: | 52 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Utilities | 99.6 |
| Securities Lending Collateral | 0.9 |
| Derivative Instruments | 0.4 |
| Other Short Term Investments | 0.2 |
| **Total Net Assets** | 101.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Mellon World Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Mellon World Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.30% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Mellon World Index Fund outperformed the Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) by posting a return of 21.20% for Class I shares compared to 21.13% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Mellon World Index Fund outperformed the Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) by posting a return of 21.20% for Class I shares compared to 21.13% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to German equities |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Novo Nordisk A/S  |
| Fiserv, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Mellon World Index Fund**

![](img_d3e8ecb7cd654.jpg)

<br> JNL/Mellon World Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Mellon World Index Fund (Class I) | 21.20% | 12.19% | 12.00% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 12.12% | 11.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 898162 |
| Number of Investments: | 1226 |
| Portfolio Turnover (%): | 16 |
| Total Advisory Fees Paid ($): | 1362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 27.0 |
| Financials | 17.1 |
| Industrials | 10.8 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.6 |
| Communication Services | 8.8 |
| Consumer Staples | 5.2 |
| Energy | 3.3 |
| Materials | 3.2 |
| Utilities | 2.5 |
| Other Sectors | 3.1 |
| **Total Net Assets** | 100.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Harris Oakmark Global Equity Fund was merged into the Fund and shareholders of the JNL/Harris Oakmark Global Equity Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/MFS Mid Cap Value Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/MFS Mid Cap Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $67 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/MFS Mid Cap Value Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM by posting a return of 6.33% for Class I shares compared to 13.39% for the Index. The underperformance was primarily driven by negative stock selection in information technology, consumer discretionary, and materials.  | For the year ended December 31, 2025, JNL/MFS Mid Cap Value Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM by posting a return of 6.33% for Class I shares compared to 13.39% for the Index. The underperformance was primarily driven by negative stock selection in information technology, consumer discretionary, and materials.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to energy companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer discretionary distribution and retail companies |
| ⬥ | exposure to material companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Corning Incorporated  |
| Flex Ltd.  |
| Howmet Aerospace Inc.  |
| Top Detractor(s)  |
| Graphic Packaging Holding Company  |
| Global Payments Inc.  |
| Newell Brands Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/MFS Mid Cap Value Fund**

![](img_8308a2f016c54.jpg)

<br> JNL/MFS Mid Cap Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/MFS Mid Cap Value Fund (Class I) | 6.33% | 10.33% | 9.82% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.39% | 11.45% | 10.79% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1907435 |
| Number of Investments: | 151 |
| Portfolio Turnover (%): | 23 |
| Total Advisory Fees Paid ($): | 10529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 19.3 |
| Financials | 18.7 |
| Consumer Discretionary | 9.0 |
| Health Care | 8.8 |
| Information Technology | 8.5 |
| Utilities | 7.7 |
| Real Estate | 7.3 |
| Energy | 7.0 |
| Consumer Staples | 5.8 |
| Materials | 5.5 |
| Other Sectors | 2.5 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in depositary receipts. As a result, the Fund revised its principal risks to list "depositary receipts risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Morningstar PitchBook Listed Private Equity Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $43 | 0.42% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar PitchBook Listed Private Equity Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) by posting a return of 3.43% for Class I shares compared to 3.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar PitchBook Listed Private Equity Index Fund underperformed the Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) by posting a return of 3.43% for Class I shares compared to 3.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to non-U.S. financial services companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to U.S. financial services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| EQT AB  |
| SBI Holdings, Inc.  |
| Georgia Capital Plc  |
| Top Detractor(s)  |
| Compass Diversified Holdings  |
| Altimar Acquisition Corp.  |
| CVC Capital Partners PLC  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar PitchBook Listed Private Equity Index Fund**

![](img_28df48091aca4.jpg)

<br> JNL/Morningstar PitchBook Listed Private Equity Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 26, 2021) |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund (Class I) | 3.43% | 7.71% |
| Morningstar<sup>®</sup> Developed Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 21.13% | 10.67% |
| Morningstar<sup>®</sup> Developed Markets PitchBook Listed Private Equity IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 3.51% | 8.35% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 18239 |
| Number of Investments: | 78 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 88.3 |
| Investment Companies | 4.9 |
| Industrials | 4.6 |
| Securities Lending Collateral | 2.3 |
| Health Care | 1.2 |
| Communication Services | 0.6 |
| Other Short Term Investments | 0.5 |
| Information Technology | 0.2 |
| **Total Net Assets** | 102.6 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar SMID Moat Focus Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Morningstar SMID Moat Focus Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $48 | 0.46% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar SMID Moat Focus Index Fund underperformed the Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM by posting a return of 6.59% for Class I shares compared to 7.06% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar SMID Moat Focus Index Fund underperformed the Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM by posting a return of 6.59% for Class I shares compared to 7.06% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to consumer services companies |
| ⬥ | exposure to consumer durables and apparel companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to consumer discretionary distribution and retail companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ionis Pharmaceuticals, Inc.  |
| Monolithic Power Systems, Inc.  |
| Expedia Group, Inc.  |
| Top Detractor(s)  |
| CarMax, Inc.  |
| Former Charter Communications Parent, Inc.  |
| Gentex Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar SMID Moat Focus Index Fund**

![](img_9118752e3c344.jpg)

<br> JNL/Morningstar SMID Moat Focus Index Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 29, 2024) |
| JNL/Morningstar SMID Moat Focus Index Fund (Class I) | 6.59% | 8.64% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 20.18% |
| Morningstar<sup>®</sup> US Small-Mid Cap Moat Focus IndexSM (reflects no deduction for fees, expenses, or taxes) | 7.06% | 9.50% |
| Morningstar<sup>®</sup> US Small-Mid Cap Index (reflects no deduction for fees, expenses, or taxes) | 10.70% | 12.78% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 76594 |
| Number of Investments: | 109 |
| Portfolio Turnover (%): | 108 |
| Total Advisory Fees Paid ($): | 210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.2 |
| Health Care | 14.8 |
| Information Technology | 14.6 |
| Consumer Discretionary | 13.8 |
| Materials | 10.5 |
| Financials | 6.7 |
| Consumer Staples | 5.7 |
| Utilities | 4.1 |
| Energy | 4.0 |
| Real Estate | 2.7 |
| Other Sectors | 3.3 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar U.S. Sustainability Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Morningstar U.S. Sustainability Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $38 | 0.36% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar U.S. Sustainability Index Fund underperformed the Morningstar<sup>®</sup> US Sustainability IndexSM by posting a return of 13.81% for Class I shares compared to 14.22% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar U.S. Sustainability Index Fund underperformed the Morningstar<sup>®</sup> US Sustainability IndexSM by posting a return of 13.81% for Class I shares compared to 14.22% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to software and services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to chemical companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Advanced Micro Devices, Inc.  |
| Top Detractor(s)  |
| Salesforce, Inc.  |
| Accenture Public Limited Company  |
| Adobe Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar U.S. Sustainability Index Fund**

![](img_b4ce9dca88c44.jpg)

<br> JNL/Morningstar U.S. Sustainability Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Morningstar U.S. Sustainability Index Fund (Class I) | 13.81% | 12.84% | 14.06% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> US Sustainability IndexSM (reflects no deduction for fees, expenses, or taxes) | 14.22% | 12.94% | 13.93% |
| Morningstar<sup>®</sup> US Large-Mid Cap IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.71% | 13.71% | 14.68% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 424662 |
| Number of Investments: | 296 |
| Portfolio Turnover (%): | 28 |
| Total Advisory Fees Paid ($): | 1101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 32.2 |
| Financials | 16.4 |
| Consumer Discretionary | 12.5 |
| Health Care | 12.2 |
| Industrials | 7.6 |
| Communication Services | 5.7 |
| Consumer Staples | 3.9 |
| Real Estate | 3.7 |
| Materials | 2.4 |
| Energy | 2.0 |
| Other Sectors | 1.6 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit the Fund to retain its non-diversified status, as defined in the Investment Company Act of 1940, as amended, even if it becomes diversified for a period of time while tracking its index, the Morningstar<sup>®</sup> US Sustainability IndexSM (the "Index"). As a result, from time to time, the Index may become diversified, and during those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Morningstar Wide Moat Index Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Morningstar Wide Moat Index Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $49 | 0.46% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Morningstar Wide Moat Index Fund underperformed the Morningstar<sup>®</sup> Wide Moat Focus IndexSM by posting a return of 13.23% for Class I shares compared to 13.80% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/Morningstar Wide Moat Index Fund underperformed the Morningstar<sup>®</sup> Wide Moat Focus IndexSM by posting a return of 13.23% for Class I shares compared to 13.80% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to transportation companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Huntington Ingalls Industries, Inc.  |
| Applied Materials, Inc.  |
| Monolithic Power Systems, Inc.  |
| Top Detractor(s)  |
| Brown-Forman Corporation  |
| Bio-Rad Laboratories, Inc.  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Morningstar Wide Moat Index Fund**

![](img_38a9223dbd4d4.jpg)

<br> JNL/Morningstar Wide Moat Index Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (August 13, 2018) |
| JNL/Morningstar Wide Moat Index Fund (Class I) | 13.23% | 12.22% | 13.55% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.53% |
| Morningstar<sup>®</sup> Wide Moat Focus IndexSM (reflects no deduction for fees, expenses, or taxes) | 13.80% | 12.71% | 14.06% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 818779 |
| Number of Investments: | 56 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 1938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 24.4 |
| Industrials | 23.5 |
| Health Care | 18.4 |
| Consumer Staples | 16.6 |
| Consumer Discretionary | 7.6 |
| Financials | 6.3 |
| Communication Services | 2.5 |
| Derivative Instruments | 0.7 |
| Other Short Term Investments | 0.5 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Commodity Strategy Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Commodity Strategy Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $52 | 0.48% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Commodity Strategy Fund outperformed the Bloomberg Commodity Index by posting a return of 18.05% for Class I shares compared to 15.77% for the Index. The Fund's outperformance was primarily driven by an underweight to the agriculture commodities complex, which underperformed, coupled with an overweight to the livestock complex, which outperformed | For the year ended December 31, 2025, JNL/Neuberger Berman Commodity Strategy Fund outperformed the Bloomberg Commodity Index by posting a return of 18.05% for Class I shares compared to 15.77% for the Index. The Fund's outperformance was primarily driven by an underweight to the agriculture commodities complex, which underperformed, coupled with an overweight to the livestock complex, which outperformed |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold |
| ⬥ | exposure to silver commodity futures |
| ⬥ | exposure to copper |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to energy commodity futures |
| ⬥ | exposure to brent crude oil futures |
| ⬥ | exposure to WTI crude oil futures |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Commodity Strategy Fund**

![](img_e02e52012a774.jpg)

<br> JNL/Neuberger Berman Commodity Strategy Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Neuberger Berman Commodity Strategy Fund (Class I) | 18.05% | 13.59% | 8.32% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Bloomberg Commodity Index (reflects no deduction for fees, expenses, or taxes) | 15.77% | 10.64% | 5.85% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 45186 |
| Number of Investments: | 157 |
| Portfolio Turnover (%): | 73 |
| Total Advisory Fees Paid ($): | 186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 111.8 |
| Financials | 33.6 |
| Other Short Term Investments | 19.1 |
| Non-U.S. Government Agency ABS | 15.4 |
| Health Care | 6.9 |
| Communication Services | 3.8 |
| Energy | 3.7 |
| Industrials | 3.0 |
| Information Technology | 2.8 |
| Utilities | 2.8 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 203.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" as a principal risk associated with investing in the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Gold Plus Strategy Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Gold Plus Strategy Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $113 | 0.86% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Gold Plus Strategy Fund outperformed the Bloomberg Gold Subindex by posting a return of 63.16% for Class I shares compared to 62.46% for the Index. The Fund's outperformance was primarily driven by a modest allocation to silver, platinum and palladium commodities futures contracts. | For the year ended December 31, 2025, JNL/Neuberger Berman Gold Plus Strategy Fund outperformed the Bloomberg Gold Subindex by posting a return of 63.16% for Class I shares compared to 62.46% for the Index. The Fund's outperformance was primarily driven by a modest allocation to silver, platinum and palladium commodities futures contracts. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to gold |
| ⬥ | exposure to silver commodity futures |
| ⬥ | exposure to platinum commodity futures |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Bitcoin |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Futures Contract  |
| Bank of America Corporation  |
| Oracle Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Gold Plus Strategy Fund**

![](img_3b3c83b084a24.jpg)

<br> JNL/Neuberger Berman Gold Plus Strategy Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/Neuberger Berman Gold Plus Strategy Fund (Class I) | 63.16% | 23.18% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 13.59% |
| Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes) | 62.46% | 23.57% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 117655 |
| Number of Investments: | 74 |
| Portfolio Turnover (%): | 66 |
| Total Advisory Fees Paid ($): | 579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 90.0 |
| Other Short Term Investments | 45.8 |
| Financials | 27.1 |
| Health Care | 5.3 |
| Communication Services | 3.7 |
| Investment Companies | 3.0 |
| Energy | 2.6 |
| Industrials | 2.1 |
| Utilities | 2.1 |
| Information Technology | 2.0 |
| Other Sectors | 1.1 |
| **Total Net Assets** | 184.8 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund revised its principal risks to list "portfolio turnover risk" and "foreign securities risk" as principal risks associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.100% of management fees on the Fund's net assets up to $500 million and 0.050% on net assets over $500 million and the Fund's management fee rate and total expense ratio decreased by 0.10%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Neuberger Berman Strategic Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Neuberger Berman Strategic Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $67 | 0.64% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Neuberger Berman Strategic Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 9.54% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to high yield corporate bonds and emerging market debt.  | For the year ended December 31, 2025, JNL/Neuberger Berman Strategic Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 9.54% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was driven by its overweight to high yield corporate bonds and emerging market debt.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to non-us sovereign and corporate high yield bonds |
| ⬥ | exposure to agency mortgage-backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps |
| ⬥ | exposure to forward currency contracts |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Warnermedia Holdings, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Neuberger Berman Strategic Income Fund**

![](img_2c9f630c707f4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/Neuberger Berman Strategic Income Fund (Class I) | 9.54% | 3.32% | 4.39% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/Neuberger Berman Strategic Income Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1075670 |
| Number of Investments: | 1647 |
| Portfolio Turnover (%): | 89 |
| Total Advisory Fees Paid ($): | 4482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| U.S. Government Agency MBS | 34.0 |
| Derivative Instruments | 29.6 |
| Non-U.S. Government Agency ABS | 22.2 |
| Financials | 13.7 |
| Government Securities | 7.9 |
| Energy | 4.6 |
| Utilities | 3.9 |
| Communication Services | 3.8 |
| Consumer Discretionary | 3.7 |
| Industrials | 2.8 |
| Other Sectors | 11.8 |
| **Total Net Assets** | 138.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (6.9) |
| **Total Net Assets** | **(6.9)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective close of business on April 25, 2025, the JNL/Western Asset Global Multi-Sector Bond Fund was merged into the Fund and shareholders of the JNL/Western Asset Global Multi-Sector Bond Fund became shareholders of the Fund. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Newton Equity Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Newton Equity Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $61 | 0.56% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Newton Equity Income Fund outperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 19.32% for Class I shares compared to 18.83% for the Index. The outperformance was primarily driven by positive stock selection in materials, industrials, and information technology.  | For the year ended December 31, 2025, JNL/Newton Equity Income Fund outperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 19.32% for Class I shares compared to 18.83% for the Index. The outperformance was primarily driven by positive stock selection in materials, industrials, and information technology.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to technology hardware and equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to media & entertainment |
| ⬥ | exposure to real estate companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Johnson & Johnson  |
| Newmont Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| International Paper Company  |
| The PNC Financial Services Group, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Newton Equity Income Fund**

![](img_f67d822e3c014.jpg)

<br> JNL/Newton Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Newton Equity Income Fund (Class I) | 19.32% | 16.54% | 13.31% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 11.80% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3826039 |
| Number of Investments: | 74 |
| Portfolio Turnover (%): | 77 |
| Total Advisory Fees Paid ($): | 13291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 29.5 |
| Health Care | 16.2 |
| Industrials | 13.8 |
| Information Technology | 10.3 |
| Energy | 9.0 |
| Materials | 5.8 |
| Communication Services | 4.5 |
| Consumer Discretionary | 4.3 |
| Other Short Term Investments | 3.1 |
| Utilities | 1.5 |
| Other Sectors | 2.2 |
| **Total Net Assets** | 100.2 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PIMCO Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.69% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 11.43% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven to intermediate maturity interest rates and emerging market debt. | For the year ended December 31, 2025, JNL/PIMCO Income Fund outperformed the Bloomberg U.S. Aggregate Index by posting a return of 11.43% for Class I shares compared to 7.30% for the Index. The Fund's outperformance was primarily driven to intermediate maturity interest rates and emerging market debt. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to agency mortgage-backed securities |
| ⬥ | exposure to emerging markets sovereign bonds |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to interest rate swaps |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Income Fund**

![](img_18802db9a7934.jpg)

<br> JNL/PIMCO Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/PIMCO Income Fund (Class I) | 11.43% | 3.72% | 3.98% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1887326 |
| Number of Investments: | 1142 |
| Portfolio Turnover (%): | 19 |
| Total Advisory Fees Paid ($): | 7695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 125.3 |
| U.S. Government Agency MBS | 62.0 |
| Non-U.S. Government Agency ABS | 28.1 |
| Other Short Term Investments | 25.6 |
| Government Securities | 22.0 |
| Financials | 3.5 |
| Communication Services | 2.8 |
| Health Care | 1.7 |
| Energy | 1.6 |
| Industrials | 1.2 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 276.5 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (91.7) |
| **Total Net Assets** | **(91.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Investment Grade Credit Bond Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PIMCO Investment Grade Credit Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $57 | 0.55% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Investment Grade Credit Bond Fund outperformed the Bloomberg U.S. Credit Index by posting a return of 8.71% for Class I shares compared to 7.83% for the Index. The Fund's outperformance was primarily driven by a preference for US interest rates with intermediate maturities. | For the year ended December 31, 2025, JNL/PIMCO Investment Grade Credit Bond Fund outperformed the Bloomberg U.S. Credit Index by posting a return of 8.71% for Class I shares compared to 7.83% for the Index. The Fund's outperformance was primarily driven by a preference for US interest rates with intermediate maturities. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to emerging markets sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to government bond futures contracts |
| ⬥ | exposure to interest rate swaps |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| Treasury Note, United States Department of  |
| Futures Contract  |
| Top Detractor(s)  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Investment Grade Credit Bond Fund**

![](img_ec4eab8ca3ed4.jpg)

<br> JNL/PIMCO Investment Grade Credit Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/PIMCO Investment Grade Credit Bond Fund (Class I) | 8.71% | -0.01% | 2.74% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 7.83% | -0.05% | 2.52% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 789939 |
| Number of Investments: | 968 |
| Portfolio Turnover (%): | 27 |
| Total Advisory Fees Paid ($): | 2936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 103.8 |
| Financials | 30.9 |
| Government Securities | 10.1 |
| Energy | 9.3 |
| Utilities | 9.2 |
| Real Estate | 7.8 |
| Health Care | 7.2 |
| U.S. Government Agency MBS | 7.1 |
| Non-U.S. Government Agency ABS | 5.4 |
| Industrials | 3.9 |
| Other Sectors | 13.3 |
| **Total Net Assets** | 208.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (33.4) |
| **Total Net Assets** | **(33.4)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PIMCO Real Return Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PIMCO Real Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $144 | 1.38% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PIMCO Real Return Fund outperformed the Bloomberg U.S. Treasury: U.S. TIPS Index by posting a return of 8.10% for Class I shares compared to 7.01% for the Index. The Fund's outperformance was primarily driven by an overweight to intermediate maturity US TIPS, coupled with exposure to securitized credit. | For the year ended December 31, 2025, JNL/PIMCO Real Return Fund outperformed the Bloomberg U.S. Treasury: U.S. TIPS Index by posting a return of 8.10% for Class I shares compared to 7.01% for the Index. The Fund's outperformance was primarily driven by an overweight to intermediate maturity US TIPS, coupled with exposure to securitized credit. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to Treasury Inflation-Protected Securities (TIPS) |
| ⬥ | exposure to interest rate swaps |
| ⬥ | exposure to asset backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to government bond futures contracts |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Futures Contract  |
| U.S. Treasury Inflation Indexed Securities  |
| Segretariato Generale Della Presidenza Della Repubblica  |
| Top Detractor(s)  |
| Futures Contract  |
| Forward Foreign Currency Contracts  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PIMCO Real Return Fund**

![](img_e2394ee3f44a4.jpg)

<br> JNL/PIMCO Real Return Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PIMCO Real Return Fund (Class I) | 8.10% | 1.55% | 3.43% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Treasury: U.S. TIPS Index (reflects no deduction for fees, expenses, or taxes) | 7.01% | 1.13% | 3.09% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1111483 |
| Number of Investments: | 574 |
| Portfolio Turnover (%): | 50 |
| Total Advisory Fees Paid ($): | 4322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 109.9 |
| Derivative Instruments | 71.0 |
| U.S. Government Agency MBS | 18.1 |
| Non-U.S. Government Agency ABS | 9.4 |
| Other Short Term Investments | 2.6 |
| Communication Services | 0.6 |
| Financials | 0.2 |
| Consumer Discretionary | 0.0 |
| Information Technology | 0.0 |
| **Total Net Assets** | 211.8 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (67.9) |
| Government Securities | (2.8) |
| **Total Net Assets** | **(70.7)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America High Yield Bond Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PPM America High Yield Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $47 | 0.45% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America High Yield Bond Fund outperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 8.78% for Class I shares compared to 8.62% for the Index. The Fund's outperformance was primarily driven by strong selection within the high yield corporate bond sector. | For the year ended December 31, 2025, JNL/PPM America High Yield Bond Fund outperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 8.78% for Class I shares compared to 8.62% for the Index. The Fund's outperformance was primarily driven by strong selection within the high yield corporate bond sector. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to basic industry companies |
| ⬥ | exposure to emerging markets sovereign bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to auto part broadly syndicated loans |
| ⬥ | exposure to below investment grade wireless communication bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Carnival Corporation  |
| Gray Television, Inc.  |
| Marb Bondco PLC  |
| Top Detractor(s)  |
| PM General Purchaser LLC  |
| First Brands Group, LLC  |
| Liberty Media Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America High Yield Bond Fund**

![](img_5de3476b339c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/PPM America High Yield Bond Fund (Class I) | 8.78% | 4.60% | 6.18% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes) | 8.62% | 4.50% | 6.52% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/PPM America High Yield Bond Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1322058 |
| Number of Investments: | 331 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 4726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 15.2 |
| Consumer Discretionary | 14.7 |
| Industrials | 12.1 |
| Energy | 11.7 |
| Communication Services | 11.4 |
| Information Technology | 9.3 |
| Health Care | 6.1 |
| Securities Lending Collateral | 5.8 |
| Consumer Staples | 4.8 |
| Other Short Term Investments | 4.4 |
| Other Sectors | 8.6 |
| **Total Net Assets** | 104.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Investment Grade Credit Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PPM America Investment Grade Credit Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $55 | 0.53% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America Investment Grade Credit Fund underperformed the Bloomberg U.S. Credit Index by posting a return of 7.57% for Class I shares compared to 7.83% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and non-US government/sovereign bonds. | For the year ended December 31, 2025, JNL/PPM America Investment Grade Credit Fund underperformed the Bloomberg U.S. Credit Index by posting a return of 7.57% for Class I shares compared to 7.83% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and non-US government/sovereign bonds. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to non-us sovereign and corporate high yield bonds |
| ⬥ | exposure to U.S. Treasury Bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to Industrial investment grade corporate bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Bond, United States Department of  |
| Bank of America Corporation  |
| International Bank for Reconstruction and Developm  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America Investment Grade Credit Fund**

![](img_1fefb81c0dc84.jpg)

<br> JNL/PPM America Investment Grade Credit Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 29, 2024) |
| JNL/PPM America Investment Grade Credit Fund (Class I) | 7.57% | 7.16% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | 7.12% |
| Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes) | 7.83% | 7.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 186478 |
| Number of Investments: | 401 |
| Portfolio Turnover (%): | 70 |
| Total Advisory Fees Paid ($): | 965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 34.5 |
| Health Care | 10.3 |
| Utilities | 8.1 |
| Industrials | 6.5 |
| Communication Services | 6.3 |
| Consumer Staples | 6.1 |
| Information Technology | 5.7 |
| Energy | 5.4 |
| Non-U.S. Government Agency ABS | 5.1 |
| Government Securities | 4.3 |
| Other Sectors | 12.0 |
| **Total Net Assets** | 104.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (2.0) |
| **Total Net Assets** | **(2.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/PPM America Total Return Fund |  |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/PPM America Total Return Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $51 | 0.49% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/PPM America Total Return Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.10% for Class I shares compared to 7.30% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and bank loans. | For the year ended December 31, 2025, JNL/PPM America Total Return Fund underperformed the Bloomberg U.S. Aggregate Index by posting a return of 7.10% for Class I shares compared to 7.30% for the Index. The underperformance was driven by allocation to US Treasury bonds/futures and bank loans. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | exposure to agency mortgage-backed securities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to bank loans |
| ⬥ | exposure to securitized credit |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Futures Contract  |
| Federal Home Loan Mortgage Corporation  |
| Top Detractor(s)  |
| First Brands Group, LLC  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/PPM America Total Return Fund**

![](img_6fac876b4a134.jpg)

JNL/PPM America Total Return Fund<br>

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/PPM America Total Return Fund (Class I) | 7.10% | 0.04% | 2.40% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1363991 |
| Number of Investments: | 453 |
| Portfolio Turnover (%): | 106 |
| Total Advisory Fees Paid ($): | 5513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Government Securities | 40.7 |
| U.S. Government Agency MBS | 18.6 |
| Financials | 12.3 |
| Derivative Instruments | 12.0 |
| Non-U.S. Government Agency ABS | 11.3 |
| Consumer Discretionary | 2.7 |
| Utilities | 1.9 |
| Communication Services | 1.9 |
| Industrials | 1.9 |
| Materials | 1.7 |
| Other Sectors | 6.4 |
| **Total Net Assets** | 111.4 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (4.3) |
| **Total Net Assets** | **(4.3)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Fundamental U.S. Small Cap Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/RAFI Fundamental U.S. Small Cap Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $33 | 0.32% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/RAFI Fundamental U.S. Small Cap Fund underperformed the RAFI<sup>®</sup> Fundamental US Small Company Index by posting a return of 7.17% for Class I shares compared to 7.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/RAFI Fundamental U.S. Small Cap Fund underperformed the RAFI<sup>®</sup> Fundamental US Small Company Index by posting a return of 7.17% for Class I shares compared to 7.51% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to commercial & professional services companies |
| ⬥ | exposure to food beverage & tobacco |
| ⬥ | exposure to transportation companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Ciena Corporation  |
| Lumentum Holdings Inc.  |
| Robinhood Markets, Inc.  |
| Top Detractor(s)  |
| Newell Brands Inc.  |
| Deckers Outdoor Corporation  |
| Zebra Technologies Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/RAFI Fundamental U.S. Small Cap Fund**

![](img_8360fc8074884.jpg)

<br> JNL/RAFI Fundamental U.S. Small Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/RAFI Fundamental U.S. Small Cap Fund (Class I) | 7.17% | 9.59% | 7.19% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| RAFI<sup>®</sup> Fundamental US Small Company Index (reflects no deduction for fees, expenses, or taxes) | 7.51% | 9.93% | 10.38% |
| Morningstar<sup>®</sup> US Small Cap Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 11.86% | 6.94% | 9.67% |
| RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI<sup>®</sup> Fundamental US Small Company Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 376638 |
| Number of Investments: | 951 |
| Portfolio Turnover (%): | 26 |
| Total Advisory Fees Paid ($): | 691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 20.0 |
| Financials | 16.1 |
| Consumer Discretionary | 14.6 |
| Information Technology | 11.7 |
| Health Care | 9.4 |
| Real Estate | 8.8 |
| Energy | 5.2 |
| Materials | 4.8 |
| Consumer Staples | 3.3 |
| Communication Services | 3.3 |
| Other Sectors | 4.5 |
| **Total Net Assets** | 101.7 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/RAFI Multi-Factor U.S. Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/RAFI Multi-Factor U.S. Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $40 | 0.37% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/RAFI Multi-Factor U.S. Equity Fund underperformed the RAFI<sup>®</sup> Multi-Factor US Index by posting a return of 16.53% for Class I shares compared to 16.95% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. | For the year ended December 31, 2025, JNL/RAFI Multi-Factor U.S. Equity Fund underperformed the RAFI<sup>®</sup> Multi-Factor US Index by posting a return of 16.53% for Class I shares compared to 16.95% for the Index. The Fund performed largely in line with its tracking index before fees and expenses. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to capital goods companies |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to commercial & professional services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Broadcom Inc.  |
| Citigroup Inc.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| Former Charter Communications Parent, Inc.  |
| Target Corporation  |
| Procter & Gamble Company, The  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/RAFI Multi-Factor U.S. Equity Fund**

![](img_4d635be43af74.jpg)

<br> JNL/RAFI Multi-Factor U.S. Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/RAFI Multi-Factor U.S. Equity Fund (Class I) | 16.53% | 12.77% | 11.13% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| RAFI<sup>®</sup> Multi-Factor US Index (reflects no deduction for fees, expenses, or taxes) | 16.95% | 13.16% | 12.61% |
| RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | RAFI<sup>®</sup>, Fundamental Index<sup>®</sup>, and RAFI Multi-Factor<sup>®</sup> US Index are registered trademarks of Research Affiliates, LLC ("RAFI") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by JNAM. <br>For additional information regarding these licensing arrangements with RAFI and Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2077116 |
| Number of Investments: | 842 |
| Portfolio Turnover (%): | 40 |
| Total Advisory Fees Paid ($): | 3656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 18.5 |
| Financials | 15.4 |
| Health Care | 15.0 |
| Industrials | 12.1 |
| Consumer Staples | 10.0 |
| Consumer Discretionary | 9.9 |
| Communication Services | 7.2 |
| Energy | 4.6 |
| Materials | 2.9 |
| Utilities | 2.1 |
| Other Sectors | 2.8 |
| **Total Net Assets** | 100.5 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $71 | 0.66% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Balanced Fund underperformed the 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index by posting a return of 16.07% for Class I shares compared to 16.82% for the Index. Stock selection within Information Technology and Communication Services drove some of the underperformance. | For the year ended December 31, 2025, JNL/T. Rowe Price Balanced Fund underperformed the 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index by posting a return of 16.07% for Class I shares compared to 16.82% for the Index. Stock selection within Information Technology and Communication Services drove some of the underperformance. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to financial companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to container/packaging |
| ⬥ | exposure to building products |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| Novo Nordisk A/S  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Balanced Fund**

![](img_7c6ac75f2b6f4.jpg)

<br> JNL/T. Rowe Price Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/T. Rowe Price Balanced Fund (Class I) | 16.07% | 7.38% | 8.31% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.15% |
| Morningstar<sup>®</sup> Moderate Target Risk IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.95% | 5.95% | 7.18% |
| 45% S&P 500 Index, 20% Morningstar<sup>®</sup> Developed Markets ex-North America Target Market Exposure IndexSM (Net), 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 16.82% | 8.19% | 8.94% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. <br>For additional information regarding the licensing arrangements with Morningstar and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 587523 |
| Number of Investments: | 1556 |
| Portfolio Turnover (%): | 56 |
| Total Advisory Fees Paid ($): | 2821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 16.0 |
| Financials | 14.6 |
| Government Securities | 10.5 |
| Industrials | 8.1 |
| Consumer Discretionary | 8.0 |
| U.S. Government Agency MBS | 7.4 |
| Health Care | 7.2 |
| Communication Services | 6.1 |
| Energy | 4.1 |
| Materials | 3.8 |
| Other Sectors | 17.3 |
| **Total Net Assets** | 103.1 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.1) |
| **Total Net Assets** | **(0.1)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $69 | 0.65% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Fund underperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 11.79% for Class I shares compared to 13.70% for the Index. The underperformance was driven primarily by stock selection within information technology. | For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Fund underperformed the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index by posting a return of 11.79% for Class I shares compared to 13.70% for the Index. The underperformance was driven primarily by stock selection within information technology. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to insurance companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Top Detractor(s)  |
| Becton, Dickinson and Company  |
| Reinvent Technology Partners Y  |
| UnitedHealth Group Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Capital Appreciation Fund**

![](img_3d6a9508c09e4.jpg)

<br> JNL/T. Rowe Price Capital Appreciation Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/T. Rowe Price Capital Appreciation Fund (Class I) | 11.79% | 9.33% | 11.07% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 13.70% | 8.47% | 9.69% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 14817478 |
| Number of Investments: | 226 |
| Portfolio Turnover (%): | 124 |
| Total Advisory Fees Paid ($): | 74212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 25.9 |
| Government Securities | 16.3 |
| Health Care | 13.7 |
| Financials | 12.9 |
| Consumer Discretionary | 9.5 |
| Utilities | 7.4 |
| Communication Services | 5.9 |
| Industrials | 3.9 |
| Other Short Term Investments | 2.7 |
| Energy | 1.1 |
| Other Sectors | 1.0 |
| **Total Net Assets** | 100.3 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (0.3) |
| **Total Net Assets** | **(0.3)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets over $1 billion and the Fund's total expense ratio decreased by 0.01%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Capital Appreciation Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Capital Appreciation Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $74 | 0.69% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Equity Fund underperformed the S&P 500 Index by posting a return of 14.92% for Class I shares compared to 17.88% for the Index. The underperformance was driven primarily by stock selection within information technology. | For the year ended December 31, 2025, JNL/T. Rowe Price Capital Appreciation Equity Fund underperformed the S&P 500 Index by posting a return of 14.92% for Class I shares compared to 17.88% for the Index. The underperformance was driven primarily by stock selection within information technology. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to insurance companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Advanced Micro Devices, Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Becton, Dickinson and Company  |
| Revvity, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Capital Appreciation Equity Fund**

![](img_98b6daa01eb04.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (October 21, 2024) |
| JNL/T. Rowe Price Capital Appreciation Equity Fund (Class I) | 14.92% | 11.57% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 15.26% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/T. Rowe Price Capital Appreciation Equity Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 962571 |
| Number of Investments: | 93 |
| Portfolio Turnover (%): | 82 |
| Total Advisory Fees Paid ($): | 4474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 34.1 |
| Health Care | 17.9 |
| Financials | 11.4 |
| Consumer Discretionary | 10.9 |
| Utilities | 9.9 |
| Communication Services | 8.3 |
| Industrials | 3.9 |
| Energy | 1.4 |
| Consumer Staples | 0.9 |
| Materials | 0.8 |
| Other Sectors | 1.4 |
| **Total Net Assets** | 100.9 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective August 28, 2025, the Fund removed the prescribed number of securities it seeks to maintain in the portfolio to allow for more flexibility in managing the Fund's portfolio to the current market environment. As a result, the Fund no longer seeks to maintain approximately 100 securities in the portfolio. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.030% of management fees on the Fund's net assets and the Fund's management fee rate and total expense ratio decreased by 0.03%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Growth Stock Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Growth Stock Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $57 | 0.53% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Growth Stock Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 15.61% for Class I shares compared to 16.67% for the Index. The underperformance was driven primarily by stock selection within information technology and consumer discretionary. | For the year ended December 31, 2025, JNL/T. Rowe Price Growth Stock Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM by posting a return of 15.61% for Class I shares compared to 16.67% for the Index. The underperformance was driven primarily by stock selection within information technology and consumer discretionary. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer durables and apparel companies |
| ⬥ | exposure to consumer services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Microsoft Corporation  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Lululemon Athletica Inc.  |
| Chipotle Mexican Grill, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Growth Stock Fund**

![](img_00727d80f5394.jpg)

<br> JNL/T. Rowe Price Growth Stock Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Growth Stock Fund (Class I) | 15.61% | 9.52% | 14.38% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 16.67% | 13.44% | 16.49% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9516031 |
| Number of Investments: | 67 |
| Portfolio Turnover (%): | 34 |
| Total Advisory Fees Paid ($): | 41593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 53.1 |
| Communication Services | 14.9 |
| Consumer Discretionary | 13.8 |
| Health Care | 7.5 |
| Financials | 5.9 |
| Industrials | 3.6 |
| Materials | 0.6 |
| Real Estate | 0.4 |
| Consumer Staples | 0.2 |
| Other Short Term Investments | 0.0 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective from March 1, 2025 to April 28, 2025, the Fund's investment adviser voluntarily waived 0.100% of management fees on the Fund's net assets up to $150 million and 0.050% on net assets between $150 million and $500 million and the Fund's management fee rate and total expense ratio each decreased by less than 0.01%. Effective April 28, 2025, this voluntary management fee waiver was converted to contractual management fee reductions.<br>Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.010% of management fees on the Fund's net assets over $10 billion. As a result, the Fund's management fee rate and total expense ratio are expected to decrease when the Fund's assets exceed $10 billion. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Mid-Cap Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Mid-Cap Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $68 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Mid-Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 3.46% for Class I shares compared to 6.78% for the Index. The underperformance was driven primarily by stock selection within industrials and health care. | For the year ended December 31, 2025, JNL/T. Rowe Price Mid-Cap Growth Fund underperformed the Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM by posting a return of 3.46% for Class I shares compared to 6.78% for the Index. The underperformance was driven primarily by stock selection within industrials and health care. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to energy companies |
| ⬥ | exposure to consumer staples distribution and retail companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to media & entertainment |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alnylam Pharmaceuticals, Inc.  |
| Ionis Pharmaceuticals, Inc.  |
| Dollar Tree, Inc.  |
| Top Detractor(s)  |
| The Trade Desk, Inc.  |
| Marvell Technology Group Ltd  |
| Avantor, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Mid-Cap Growth Fund**

![](img_bb3917a0e2f24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Mid-Cap Growth Fund (Class I) | 3.46% | 3.83% | 9.85% |
| Morningstar<sup>®</sup> US Market Extended IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.31% |
| Morningstar<sup>®</sup> US Mid Cap Broad Growth IndexSM (reflects no deduction for fees, expenses, or taxes) | 6.78% | 6.07% | 11.88% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/T. Rowe Price Mid-Cap Growth Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4396111 |
| Number of Investments: | 125 |
| Portfolio Turnover (%): | 33 |
| Total Advisory Fees Paid ($): | 26893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Health Care | 21.0 |
| Information Technology | 19.1 |
| Consumer Discretionary | 18.2 |
| Industrials | 15.0 |
| Financials | 8.3 |
| Communication Services | 4.9 |
| Energy | 4.1 |
| Consumer Staples | 3.2 |
| Other Short Term Investments | 3.1 |
| Materials | 2.7 |
| Other Sectors | 0.4 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.030% of management fees on the Fund's net assets up to $3 billion and 0.020% on net assets over $3 billion and the Fund's management fee rate and total expense ratio decreased by 0.03%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Short-Term Bond Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Short-Term Bond Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $43 | 0.42% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Short-Term Bond Fund outperformed the Bloomberg 1-3 Yr Gov/Credit Index by posting a return of 5.64% for Class I shares compared to 5.35% for the Index. The outperformance was primarily driven by overweights in mortgage backed securities, securitized credit, and investment credit corporate credit. | For the year ended December 31, 2025, JNL/T. Rowe Price Short-Term Bond Fund outperformed the Bloomberg 1-3 Yr Gov/Credit Index by posting a return of 5.64% for Class I shares compared to 5.35% for the Index. The outperformance was primarily driven by overweights in mortgage backed securities, securitized credit, and investment credit corporate credit. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to investment grade corporate credit which benefited from lower rates and tighter credit spreads |
| ⬥ | exposure to securitized credit |
| ⬥ | exposure to short and intermediate duration Treasury notes |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to US government treasury note futures |
| ⬥ | exposure to investment grade apparel/footwear bonds |
| ⬥ | exposure to investment grade precious metal bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Treasury Note, United States Department of  |
| Top Detractor(s)  |
| Futures Contract  |
| Futures Contract  |
| Futures Contract  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Short-Term Bond Fund**

![](img_2a7bbb038e544.jpg)

<br> JNL/T. Rowe Price Short-Term Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Short-Term Bond Fund (Class I) | 5.64% | 2.21% | 2.41% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg 1-3 Yr Gov/Credit Index (reflects no deduction for fees, expenses, or taxes) | 5.35% | 1.97% | 2.09% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 1084922 |
| Number of Investments: | 893 |
| Portfolio Turnover (%): | 103 |
| Total Advisory Fees Paid ($): | 3421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 34.0 |
| Non-U.S. Government Agency ABS | 29.0 |
| Government Securities | 18.7 |
| Financials | 12.0 |
| U.S. Government Agency MBS | 8.9 |
| Energy | 4.0 |
| Industrials | 3.9 |
| Other Short Term Investments | 3.6 |
| Health Care | 3.4 |
| Consumer Staples | 3.2 |
| Other Sectors | 13.2 |
| **Total Net Assets** | 133.9 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (8.5) |
| **Total Net Assets** | **(8.5)** |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to permit investments in credit default index swap indexes ("CDX") and mortgage-backed securities. As a result, the Fund uses CDX to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a reference index) rather than transacting in a single-name credit default swap and uses mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" market as a means of adjusting the fund's duration and gaining exposure to investment-grade bonds. |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price U.S. High Yield Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price U.S. High Yield Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $64 | 0.62% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price U.S. High Yield Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 7.93% for Class I shares compared to 8.62% for the Index. The underperformance was primarily driven by selection in high yield corporate bonds. | For the year ended December 31, 2025, JNL/T. Rowe Price U.S. High Yield Fund underperformed the Bloomberg U.S. High Yield 2% Issuer Cap Index by posting a return of 7.93% for Class I shares compared to 8.62% for the Index. The underperformance was primarily driven by selection in high yield corporate bonds. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to high yield corporate credit which benefited from high coupons and tighter credit spreads |
| ⬥ | exposure to high yield industrial bonds |
| ⬥ | exposure to high yield finance bonds |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to below investment grade financial conglomerate bonds |
| ⬥ | exposure to below investment grade integrated oil bonds |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Anywhere Real Estate Group LLC  |
| Herbalife International, Inc.  |
| Ladenburg Thalmann Financial Services Inc.  |
| Top Detractor(s)  |
| Saks Global Enterprises LLC  |
| Venture Global LNG, Inc.  |
| Vital Energy, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price U.S. High Yield Fund**

![](img_d99c0cf39f274.jpg)

<br> JNL/T. Rowe Price U.S. High Yield Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/T. Rowe Price U.S. High Yield Fund (Class I) | 7.93% | 3.66% | 3.74% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes) | 8.62% | 4.50% | 5.07% |
| "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 257980 |
| Number of Investments: | 110 |
| Portfolio Turnover (%): | 76 |
| Total Advisory Fees Paid ($): | 2017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Communication Services | 16.0 |
| Energy | 13.9 |
| Consumer Discretionary | 13.9 |
| Financials | 12.7 |
| Industrials | 9.0 |
| Information Technology | 7.5 |
| Health Care | 6.7 |
| Utilities | 5.0 |
| Real Estate | 4.0 |
| Other Short Term Investments | 3.6 |
| Other Sectors | 9.3 |
| **Total Net Assets** | 101.6 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/T. Rowe Price Value Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/T. Rowe Price Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $59 | 0.56% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/T. Rowe Price Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 12.35% for Class I shares compared to 18.83% for the Index. Stock selection within communication services and health care drove the bulk of the underperformance. | For the year ended December 31, 2025, JNL/T. Rowe Price Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 12.35% for Class I shares compared to 18.83% for the Index. Stock selection within communication services and health care drove the bulk of the underperformance. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to household & personal products companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| JPMorgan Chase & Co.  |
| Alphabet Inc.  |
| Alphabet Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Fiserv, Inc.  |
| International Paper Company  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/T. Rowe Price Value Fund**

![](img_983a0e6c874d4.jpg)

<br> JNL/T. Rowe Price Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/T. Rowe Price Value Fund (Class I) | 12.35% | 10.87% | 10.88% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 4059938 |
| Number of Investments: | 108 |
| Portfolio Turnover (%): | 55 |
| Total Advisory Fees Paid ($): | 20392 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 21.9 |
| Industrials | 15.8 |
| Information Technology | 12.5 |
| Health Care | 11.8 |
| Energy | 7.7 |
| Consumer Discretionary | 7.2 |
| Communication Services | 6.9 |
| Consumer Staples | 5.1 |
| Materials | 4.2 |
| Utilities | 4.0 |
| Other Sectors | 3.0 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **How has the fund changed?** |
| Effective April 28, 2025, the Fund changed its principal investment strategy to update the particular sectors in which it may have significant investments. As a result, the Fund may significantly invest in the industrials and business services sector and no longer significantly invests in the healthcare sector. Along with this change, the Fund revised its principal risks to list "industrial companies risk" and "business services sector risk" as principal risks associated with investing in the Fund. |
| Effective September 1, 2025, the Fund's investment adviser voluntarily waived 0.070% of management fees on the Fund's net assets up to $150 million, 0.030% on net assets between $1 billion and $3 billion, and 0.020% on net assets over $3 billion, and the Fund's management fee rate and total expense ratio decreased by 0.02%. Effective April 27, 2026, this voluntary waiver will be converted to a contractual management fee reduction.  |
| This is a summary of change(s) to the Fund. For more complete information, you may review the Fund's prospectus at https://www.jackson.com/fund-literature.html or upon request at 1-800-644-4565 or DocumentRequest@jackson.com. |
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WCM China Quality Growth Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WCM China Quality Growth Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $119 | 1.06% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WCM China Quality Growth Fund underperformed the Morningstar<sup>®</sup> China IndexSM (Net) by posting a return of 23.92% for Class I shares compared to 31.44% for the Index. The underperformance was primarily driven by stock selection in healthcare and consumer discretionary, and an underweight to materials. | For the year ended December 31, 2025, JNL/WCM China Quality Growth Fund underperformed the Morningstar<sup>®</sup> China IndexSM (Net) by posting a return of 23.92% for Class I shares compared to 31.44% for the Index. The underperformance was primarily driven by stock selection in healthcare and consumer discretionary, and an underweight to materials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to China, Taiwan and Hong Kong equities |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care companies |
| ⬥ | exposure to material companies |
| ⬥ | exposure to consumer staples |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Tencent Holdings Limited  |
| Meitu, Inc.  |
| Cloud Village Inc.  |
| Top Detractor(s)  |
| MARUWA Co., Ltd.  |
| Meituan  |
| Kingsoft Cloud Holdings Limited  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WCM China Quality Growth Fund**

![](img_e49ac242d9934.jpg)

<br> JNL/WCM China Quality Growth Fund

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |
|  | 1 year | Life of Fund (April 25, 2022) |
| JNL/WCM China Quality Growth Fund (Class I) | 23.92% | 1.51% |
| Morningstar<sup>®</sup> Emerging Markets Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.62% | 10.03% |
| Morningstar<sup>®</sup> China IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.44% | 8.71% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 11424 |
| Number of Investments: | 30 |
| Portfolio Turnover (%): | 150 |
| Total Advisory Fees Paid ($): | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 27.7 |
| Information Technology | 21.0 |
| Consumer Discretionary | 19.7 |
| Communication Services | 18.1 |
| Financials | 6.3 |
| Consumer Staples | 2.6 |
| Other Short Term Investments | 2.6 |
| Securities Lending Collateral | 2.1 |
| Health Care | 2.0 |
| **Total Net Assets** | 102.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WCM Focused International Equity Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WCM Focused International Equity Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $89 | 0.80% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WCM Focused International Equity Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 21.85% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by stock selection in the financials, information technology, and healthcare sectors.  | For the year ended December 31, 2025, JNL/WCM Focused International Equity Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 21.85% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by stock selection in the financials, information technology, and healthcare sectors.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to semiconductors and semiconductor equipment companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to pharmaceuticals biotechnology and life sciences companies |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer services |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Siemens Energy AG  |
| Rolls-Royce PLC  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Top Detractor(s)  |
| Novo Nordisk A/S  |
| Icon Public Limited Company  |
| Meituan  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WCM Focused International Equity Fund**

![](img_c18a6ccec1a04.jpg)

<br> JNL/WCM Focused International Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/WCM Focused International Equity Fund (Class I) | 21.85% | 5.12% | 10.22% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 7.32% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 2183211 |
| Number of Investments: | 39 |
| Portfolio Turnover (%): | 31 |
| Total Advisory Fees Paid ($): | 13201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Industrials | 31.8 |
| Information Technology | 20.8 |
| Financials | 16.3 |
| Consumer Discretionary | 9.3 |
| Communication Services | 7.4 |
| Health Care | 4.3 |
| Other Short Term Investments | 3.5 |
| Consumer Staples | 3.5 |
| Materials | 1.6 |
| Energy | 1.5 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/Westchester Capital Event Driven Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/Westchester Capital Event Driven Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $127 | 1.22% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/Westchester Capital Event Driven Fund outperformed the Wilshire Liquid Alternative Event Driven IndexSM by posting a return of 7.69% for Class I shares compared to 3.50% for the Index. The Fund's outperformance was primarily driven by idiosyncratic selection within the merger arbitrage segment. | For the year ended December 31, 2025, JNL/Westchester Capital Event Driven Fund outperformed the Wilshire Liquid Alternative Event Driven IndexSM by posting a return of 7.69% for Class I shares compared to 3.50% for the Index. The Fund's outperformance was primarily driven by idiosyncratic selection within the merger arbitrage segment. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to Chevron Co.'s acquisition of Hess Co. |
| ⬥ | exposure to Nippon Steel Co.'s acquisition of U.S. Steel Co. |
| ⬥ | exposure to Special Purpose Acquisition Companies (SPACs) |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to medical supplies companies |
| ⬥ | exposure to mining companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Mr. Cooper Group Inc.  |
| Warner Bros. Discovery, Inc.  |
| Total Return Swap Agreement  |
| Top Detractor(s)  |
| Rocket Companies, Inc.  |
| Palo Alto Networks, Inc.  |
| Forward Foreign Currency Contracts  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/Westchester Capital Event Driven Fund**

![](img_f89634b32e7d4.jpg)

<br> JNL/Westchester Capital Event Driven Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/Westchester Capital Event Driven Fund (Class I) | 7.69% | 3.89% | 5.38% |
| Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 7.30% | -0.36% | 1.72% |
| Wilshire Liquid Alternative Event Driven IndexSM (reflects no deduction for fees, expenses, or taxes) | 3.50% | 1.61% | 2.38% |
| Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Wilshire<sup>®</sup> is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire IndexesSM indexes, and Wilshire Liquid Alternative Event Driven IndexSM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire IndexesSM") and have been licensed for use by Jackson National Asset Management, LLC ("JNAM"). "Bloomberg<sup>®</sup>" and the Bloomberg Index(es) referenced herein are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and/or one or more third-party providers and have been licensed for use for certain purposes to JNAM. For additional information regarding these licensing arrangements with Wilshire Indexes and Bloomberg, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 47452 |
| Number of Investments: | 371 |
| Portfolio Turnover (%): | 291 |
| Total Advisory Fees Paid ($): | 501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Derivative Instruments | 53.3 |
| Communication Services | 25.0 |
| Financials | 21.7 |
| Industrials | 14.0 |
| Health Care | 4.8 |
| Other Short Term Investments | 4.7 |
| Consumer Discretionary | 4.5 |
| Information Technology | 4.2 |
| Materials | 3.0 |
| Investment Companies | 2.9 |
| Other Sectors | 7.9 |
| **Total Net Assets** | 146.0 |
| **Short Investments** | **Short Investments** |
| Derivative Instruments | (18.0) |
| Materials | (0.6) |
| Investment Companies | (0.3) |
| Information Technology | (0.1) |
| Industrials | (0.0) |
| **Total Net Assets** | **(19.0)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/William Blair International Leaders Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/William Blair International Leaders Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $75 | 0.67% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/William Blair International Leaders Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 23.78% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, Japan, and the financials sectors. | For the year ended December 31, 2025, JNL/William Blair International Leaders Fund underperformed the Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) by posting a return of 23.78% for Class I shares compared to 31.87% for the Index. The underperformance was primarily driven by negative stock selection in growth equities, Japan, and the financials sectors. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to non-U.S. equities which rose on multiple expansion and a weaker U.S. dollar |
| ⬥ | exposure to growth equities |
| ⬥ | exposure to capital goods companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to Japanese companies |
| ⬥ | exposure to Denmark |
| ⬥ | exposure to software and services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| SK Hynix Inc.  |
| Taiwan Semiconductor Manufacturing Company Limited  |
| Banco Bilbao Vizcaya Argentaria, S.A.  |
| Top Detractor(s)  |
| Recruit Holdings Co., Ltd.  |
| Atlassian Corporation PLC  |
| ASM International N.V.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/William Blair International Leaders Fund**

![](img_2ed52f6ece354.jpg)

<br> JNL/William Blair International Leaders Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/William Blair International Leaders Fund (Class I) | 23.78% | 2.20% | 5.47% |
| Morningstar<sup>®</sup> Global ex-US Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 31.87% | 8.05% | 8.54% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 997460 |
| Number of Investments: | 65 |
| Portfolio Turnover (%): | 86 |
| Total Advisory Fees Paid ($): | 5071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 23.4 |
| Financials | 23.0 |
| Industrials | 17.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 8.7 |
| Communication Services | 7.6 |
| Utilities | 4.2 |
| Materials | 4.1 |
| Derivative Instruments | 0.1 |
| **Total Net Assets** | 100.0 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Balanced Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WMC Balanced Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $44 | 0.41% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Balanced Fund outperformed the 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index by posting a return of 16.04% for Class I shares compared to 14.23% for the Index. The outperformance was driven primarily by stock selection within information technology and financials. | For the year ended December 31, 2025, JNL/WMC Balanced Fund outperformed the 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index by posting a return of 16.04% for Class I shares compared to 14.23% for the Index. The outperformance was driven primarily by stock selection within information technology and financials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to U.S. large cap technology companies |
| ⬥ | exposure to U.S. large cap communication services companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to consumer staples distribution and retail companies |
| ⬥ | exposure to chemical companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| NVIDIA Corporation  |
| Alphabet Inc.  |
| Broadcom Inc.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Salesforce, Inc.  |
| ServiceNow, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Balanced Fund**

![](img_d1776bc2ee6c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Balanced Fund (Class I) | 16.04% | 9.22% | 9.57% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes) | 14.23% | 9.21% | 10.42% |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

<br> JNL/WMC Balanced Fund

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 9331509 |
| Number of Investments: | 634 |
| Portfolio Turnover (%): | 99 |
| Total Advisory Fees Paid ($): | 28838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Information Technology | 21.8 |
| Government Securities | 16.3 |
| Financials | 11.9 |
| U.S. Government Agency MBS | 9.1 |
| Consumer Discretionary | 7.6 |
| Health Care | 7.5 |
| Communication Services | 7.2 |
| Industrials | 4.6 |
| Consumer Staples | 3.0 |
| Utilities | 2.8 |
| Other Sectors | 8.9 |
| **Total Net Assets** | 100.7 |
| **Short Investments** | **Short Investments** |
| U.S. Government Agency MBS | (1.2) |
| **Total Net Assets** | **(1.2)** |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Equity Income Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WMC Equity Income Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $64 | 0.59% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Equity Income Fund outperformed the Morningstar<sup>®</sup> Dividend Composite IndexSM by posting a return of 17.11% for Class I shares compared to 15.49% for the Index. The outperformance was primarily driven by positive stock selection in materials, information technology, and industrials. | For the year ended December 31, 2025, JNL/WMC Equity Income Fund outperformed the Morningstar<sup>®</sup> Dividend Composite IndexSM by posting a return of 17.11% for Class I shares compared to 15.49% for the Index. The outperformance was primarily driven by positive stock selection in materials, information technology, and industrials. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to materials companies |
| ⬥ | exposure to U.S. large cap technology companies |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to health care equipment and services companies  |
| ⬥ | exposure to telecommunication services companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Broadcom Inc.  |
| Johnson & Johnson  |
| JPMorgan Chase & Co.  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Accenture Public Limited Company  |
| Constellation Brands, Inc.  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Equity Income Fund**

![](img_d50b3fa7765d4.jpg)

<br> JNL/WMC Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | Life of Fund (September 25, 2017) |
| JNL/WMC Equity Income Fund (Class I) | 17.11% | 12.42% | 10.60% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.76% |
| Morningstar<sup>®</sup> Dividend Composite IndexSM (reflects no deduction for fees, expenses, or taxes) | 15.49% | 12.45% | 11.92% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 921803 |
| Number of Investments: | 76 |
| Portfolio Turnover (%): | 67 |
| Total Advisory Fees Paid ($): | 4136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 19.5 |
| Health Care | 17.5 |
| Information Technology | 12.4 |
| Industrials | 10.9 |
| Consumer Staples | 9.1 |
| Utilities | 8.6 |
| Energy | 6.7 |
| Consumer Discretionary | 5.1 |
| Materials | 4.4 |
| Real Estate | 3.5 |
| Other Sectors | 2.7 |
| **Total Net Assets** | 100.4 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Global Real Estate Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WMC Global Real Estate Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $77 | 0.73% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Global Real Estate Fund outperformed the FTSE EPRA NAREIT Developed Index by posting a return of 9.63% for Class I shares compared to 9.57% for the Index. Relative overweight positions in Australia and Switzerland drove most of the outperformance. | For the year ended December 31, 2025, JNL/WMC Global Real Estate Fund outperformed the FTSE EPRA NAREIT Developed Index by posting a return of 9.63% for Class I shares compared to 9.57% for the Index. Relative overweight positions in Australia and Switzerland drove most of the outperformance. |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | exposure to real estate companies |
| ⬥ | exposure to Japanese equities |
| ⬥ | exposure to European equities |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to software and services companies |
| ⬥ | exposure to consumer durables and apparel companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Welltower Inc.  |
| American Healthcare REIT, Inc.  |
| Brookdale Senior Living Inc.  |
| Top Detractor(s)  |
| Equinix, Inc.  |
| SL Green Realty Corp.  |
| Iron Mountain Incorporated  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Global Real Estate Fund**

![](img_eb2bde63fb9c4.jpg)

<br> JNL/WMC Global Real Estate Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Global Real Estate Fund (Class I) | 9.63% | 3.31% | 3.09% |
| Morningstar<sup>®</sup> Global Target Market Exposure IndexSM (Net) (reflects no deduction for fees, expenses, or taxes) | 22.23% | 11.20% | 11.70% |
| FTSE EPRA NAREIT Developed Index (reflects no deduction for fees, expenses, or taxes) | 9.57% | 2.76% | 3.25% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 535769 |
| Number of Investments: | 57 |
| Portfolio Turnover (%): | 117 |
| Total Advisory Fees Paid ($): | 3245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Real Estate | 88.4 |
| Consumer Discretionary | 4.3 |
| Securities Lending Collateral | 3.3 |
| Industrials | 2.6 |
| Health Care | 1.8 |
| Financials | 1.6 |
| Information Technology | 0.6 |
| Other Short Term Investments | 0.2 |
| **Total Net Assets** | 102.8 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)

---

| | |
|:---|:---|
| JNL/WMC Value Fund | |
| Annual Shareholder Report |  |
| Share Class I | December 31, 2025 |

---

![](img_f3fc22131a6d4.jpg)

**This shareholder report contains important information about JNL/WMC Value Fund for the year ended December 31, 2025. You can find additional information at https://www.jackson.com/fund-literature.html. You can also request this information by contacting us at 1-800-644-4565 or DocumentRequest@jackson.com.** 

**What were the Fund costs for the last year?**<br>

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $53 | 0.49% |

---

**How did the Fund perform last year? What affected the Fund's performance?**<br>

---

| | |
|:---|:---|
| Performance Highlights | Performance Highlights |
| For the year ended December 31, 2025, JNL/WMC Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.99% for Class I shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to communication services.  | For the year ended December 31, 2025, JNL/WMC Value Fund underperformed the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM by posting a return of 14.99% for Class I shares compared to 18.83% for the Index. The underperformance was primarily driven by an underweight to communication services.  |
| Top Market Contributor(s) to Performance | Top Market Contributor(s) to Performance |
| ⬥ | broad exposure to U.S. equities which rose on strong earnings growth and multiple expansion |
| ⬥ | exposure to technology hardware and equipment companies |
| ⬥ | exposure to industrials |
| Top Market Detractor(s) to Performance | Top Market Detractor(s) to Performance |
| ⬥ | exposure to communication services companies |
| ⬥ | exposure to financial companies |
| ⬥ | exposure to automobiles and components companies |

---

---

| |
|:---|
| Performance Attribution  |
| Holdings  |
| Top Contributor(s)  |
| Alphabet Inc.  |
| JPMorgan Chase & Co.  |
| Johnson & Johnson  |
| Top Detractor(s)  |
| UnitedHealth Group Incorporated  |
| Centene Corporation  |
| Gentex Corporation  |

---

**How did the Fund perform over the past 10 years or since inception?**<br> The Fund's past performance is not a predictor of how the Fund will perform in the future.<br>

**Cumulative Performance:** Initial Investment of $10,000. Fund performance does not reflect the deduction of insurance charges.

**JNL/WMC Value Fund**

![](img_b38a7ce9559b4.jpg)

<br> JNL/WMC Value Fund

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 12/31/2025 |  |  |  |
|  | 1 year | 5 year | 10 year |
| JNL/WMC Value Fund (Class I) | 14.99% | 11.24% | 10.11% |
| Morningstar<sup>®</sup> US Target Market Exposure IndexSM (reflects no deduction for fees, expenses, or taxes) | 17.80% | 13.88% | 14.77% |
| Morningstar<sup>®</sup> US Large-Mid Cap Broad Value IndexSM (reflects no deduction for fees, expenses, or taxes) | 18.83% | 13.38% | 12.50% |
| Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. | Morningstar<sup>®</sup> and the Morningstar Index(es) referenced herein are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). <br>For additional information regarding the licensing arrangements with Morningstar, see the full disclaimers in the Fund's prospectus and Statement of Additional Information. |
| Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  | Visit https://www.jackson.com/performance-center.html for more recent performance information.  |

---

**What are some key Fund statistics as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 972238 |
| Number of Investments: | 65 |
| Portfolio Turnover (%): | 42 |
| Total Advisory Fees Paid ($): | 4006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What did the Fund invest in as of December 31, 2025?**<br>

---

| | |
|:---|:---|
| Industry Sector (%) | Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Financials | 25.2 |
| Health Care | 17.1 |
| Information Technology | 11.5 |
| Industrials | 11.2 |
| Energy | 6.9 |
| Communication Services | 6.5 |
| Consumer Staples | 5.7 |
| Utilities | 5.6 |
| Consumer Discretionary | 5.2 |
| Real Estate | 2.8 |
| Other Sectors | 2.4 |
| **Total Net Assets** | 100.1 |

---

---

| |
|:---|
| **Where can I find additional information about the Fund?** |
| Additional information is available on the Fund's website at https://www.jackson.com/fund-literature.html, including: |
| ⬥ Prospectus |
| ⬥ Statement of Additional Information |
| ⬥ Financial information |
| ⬥ Holdings |
| ⬥ Proxy voting information |
| If you have questions regarding electronic delivery, please scan the QR code. |

---

![](img_d59b76338d2a4.jpg)