# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000422
**Filing Date:** 2026-6
**Character Count:** 30489
**Document Hash:** 37b0bdc16cb8bea36b8fce88286619bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000422.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0000933691-26-000422

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691

**ORGANIZATION NAME:**
- **EIN:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 261071227

**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 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) |  |

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

**JNL Multi-Manager Mid Cap Fund**

**Class A**

**Class I**

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

**Investment Objective.** The investment objective of the Fund is capital appreciation and long-term total return.

**Expenses.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

The expenses do not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees<br> (fees paid directly from your investment)**<br> Not Applicable

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class A** |
| Management Fee | 0.61% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 1.06% |

---

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

<sup>2</sup> Expense information has been restated to reflect current fees.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses <br> (Expenses that you pay each year as a percentage of the value of your investment)** |
| | **Class I** |
| Management Fee | 0.61% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.76% |

---

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

<sup>2</sup> Expense information has been restated to reflect current fees.

**Expense Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Also, this example does not reflect the expenses of the variable insurance contracts or the separate account through which you indirectly invest in the Fund, whichever may be applicable, and the total expenses would be higher if they were included. The table below shows the expenses you would pay on a $10,000 investment, assuming (1) 5% annual return; (2) redemption at the end of each time period; and (3) that the Fund operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Mid Cap Fund Class A** | **JNL Multi-Manager Mid Cap Fund Class A** | **JNL Multi-Manager Mid Cap Fund Class A** | **JNL Multi-Manager Mid Cap Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $108 | $337 | $585 | $1294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Mid Cap Fund Class I** | **JNL Multi-Manager Mid Cap Fund Class I** | **JNL Multi-Manager Mid Cap Fund Class I** | **JNL Multi-Manager Mid Cap Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $78 | $243 | $422 | $942 |

---

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

---

| | |
|:---|:---|
| **Period** | |
| 1/1/2025 - 12/31/2025 | 85% |

---

**Principal Investment Strategies.** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the equity securities of mid-capitalization companies that, when purchased, have market capitalizations within the range of companies in the Morningstar US Mid Cap Index. As of December 31, 2025, the Morningstar US Mid Cap Index included companies with market capitalizations from approximately $2.14 billion to $108.96 billion.

The Fund has flexibility in the relative weighting of each asset class and expects to vary the percentages of assets invested in each asset class from time to time. The Fund also maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, the Fund may have significant investments in particular sectors, including but not limited to industrials. JNAM's allocations to the underlying Sub-Advisers will be a function of a variety of factors including each underlying strategy's expected returns, volatility, correlation, and contribution to the Fund's overall risk profile.

Four unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

JNAM also may choose to allocate the Fund's assets to additional Sub-Advisers or to replace/remove Sub-Advisers in the future. There is no assurance that any or all of the strategies discussed in this prospectus will be used by JNAM or the Sub-Advisers.

JNAM may also manage Fund assets directly to seek to enhance returns, or to hedge and to manage the Fund's cash and short-term instruments.

Below are the principal investment strategies for each Sub-Adviser's strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy's objective.

*FIAM Strategy* 

FIAM LLC ("FIAM") constructs the FIAM Strategy by investing primarily in common stocks of medium-sized companies that FIAM believes have above average growth potential. The FIAM Strategy may also invest in larger or smaller companies, in securities of domestic and foreign issuers, and in derivative instruments that provide investment exposure to these investments or exposure to one or more market risk factors associated with such investments.

*Invesco Strategy*

Invesco Advisers, Inc. ("Invesco") constructs the Invesco Strategy by investing primarily in equity securities of mid-capitalization issuers and in derivatives and other instruments that have economic characteristics similar to such securities. The Invesco Strategy mainly invests in common stocks of U.S. companies that Invesco expects to have above-average growth rates. The Invesco Strategy seeks to invest in newer companies or in more established companies that are in the early growth phase of their business cycle, which is typically marked by above average growth rates. The Invesco Strategy may also invest in companies in other market capitalization ranges and in securities of issuers in any country, including developed countries and emerging market countries (i.e., those that are generally in the early stages of their industrial cycles).*River Road Strategy*

River Road Asset Management, LLC ("River Road") primarily invests in equity securities of mid-capitalization companies that River Road believes are undervalued. The River Road Strategy may invest a portion of its assets in companies of other market capitalizations (measured at the time of acquisition), real estate investment trusts ("REITs"), and foreign securities.

*Victory Sycamore Strategy*

Victory Capital Management Inc., through its investment franchise, Sycamore Capital, ("Victory Capital") invests in equity securities of mid-capitalization companies. The Victory Sycamore Strategy may invest a portion of its assets in equity securities of foreign companies traded on U.S. exchanges, including American and Global Depositary Receipts ("ADRs" and "GDRs").

Victory Capital invests in companies that it believes to be high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. Victory Capital uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below Victory Capital's assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. Victory Capital may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.

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

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

· *Equity securities risk* – Common and preferred stocks represent equity ownership in a company. Stock markets are volatile,
and equity securities generally have greater price volatility than fixed-income securities. The price of equity or equity-related securities
will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. The value of equity
or equity-related securities purchased or held by the Fund could decline if the financial condition of the companies the Fund invests
in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry
or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition,
they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived
adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally
adverse investor sentiment.

· *Mid-capitalization investing risk* **–** The stocks of mid-capitalization companies can be more volatile and their
shares can be less liquid than those of larger companies. Mid-capitalization companies may have limited product lines, markets or financial
resources or may depend on the expertise of a few people and may be subject to more abrupt or erratic market movements than securities
of larger, more established companies or the market averages in general. Securities of such issuers may lack sufficient market liquidity
to effect sales at an advantageous time or without a substantial drop in price.

· *Managed portfolio risk* – As an actively managed portfolio, the Fund's portfolio manager(s) make decisions to buy and
sell holdings in the Fund's portfolio. Because of this, the value of the Fund's investments could decline because the financial
condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial
markets may fluctuate or overall prices may decline, the Sub-Adviser's investment techniques could fail to achieve the Fund's investment
objective or negatively affect the Fund's investment performance, or legislative, regulatory, or tax developments may affect the
investment techniques available to the Sub-Adviser of the Fund. There is no guarantee that the investment objective of the Fund will be
achieved.

· *Sector risk* – Companies with similar characteristics may be grouped together in broad categories called sectors. Sector
risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market.
For example, this may be due to changes in the regulatory or competitive environment or changes in investor perceptions regarding a sector.
Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible
to any developments which affect those sectors emphasized by the Fund. In addition, the Fund could underperform other funds investing
in similar sectors or comparable benchmarks because of the investment manager's choice of securities within such sector.

· *Industrial companies risk* – The stock prices of companies in the industrials sector are affected by supply and demand
both for their specific products or services and for industrials sector products in general. Companies in the industrial sector may be
adversely affected by changes in government regulation, world events and economic conditions. In addition, these companies are at risk
for environmental damage and product liability claims. Companies in this sector could be adversely affected by commodity price volatility,
changes in exchange rates, imposition of export or import controls, increased competition, depletion of resources, technological developments
and labor relations.

· *Foreign securities risk* – Investments in, or exposure to, foreign securities involve risks not typically associated with
U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values, possible imposition of foreign withholding
or other taxes on income payable on the securities, as well as adverse political, social and economic developments, such as political
upheaval, acts of terrorism, financial troubles, sanctions or the threat of new or modified sanctions, or natural

disasters. Many foreign securities markets, especially those in emerging market countries, are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the costs of trading in those markets is often higher than in U.S. securities markets. There may also be less publicly available information about issuers of foreign securities compared to issuers of U.S. securities. In addition, the economies of certain foreign markets may not compare favorably with the economy of the United States with respect to issues such as growth of gross national product, reinvestment of capital, resources and balance of payments position.

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

· *REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership
of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions;
difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental
regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds;
losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the
management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less
frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs
could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended,
or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows
REITs to reduce their corporate taxable income for dividends paid to their shareholders.

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

· *Issuer risk* **–** The value of an individual security or particular type of security can be more volatile than the
market as a whole and can perform differently from the market as a whole. A security's value may decline for reasons that directly
relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer's
goods or services.

· *Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock
market. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not
met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles,
different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

· *Emerging markets and less developed countries risk* **–** Emerging market and less developed countries generally are
located in Asia, the Middle East, Eastern Europe, Central and South America and Africa. Investments in, or exposure to, securities that
are tied economically to emerging market and less developed countries are subject to all of the risks of investments in, or exposure to,
foreign securities, generally to a greater extent than in developed markets, among other risks. Investments in securities that are tied
economically to emerging markets involve greater risk from economic and political systems that typically are less developed, and likely
to be less stable, than those in more advanced countries. The Fund also will be subject to the risk of adverse foreign currency rate fluctuations.
Emerging market and less developed countries may also have economies that are predominantly based on only a few industries or dependent
on revenues from particular commodities. The risks of nationalization, expropriation or other confiscation of assets of non-U.S. issuers
is also greater in emerging and less developed countries. As a result of these risks, investments in securities tied economically to emerging
markets tend to be more volatile than investments in securities of developed countries.

· *Derivatives risk* **–** Investments in derivatives, which are financial instruments whose value depends on, or is derived
from, the value of underlying assets, reference rates, or indices, can be highly volatile and may be subject to transaction costs and
certain risks, such as unanticipated changes in securities prices and global currency investment. Derivatives also are subject to leverage
risk, liquidity risk, interest rate risk, market risk, counterparty risk, and credit risk. They also involve the risk of mispricing or

improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, interest rate or index. Gains or losses from derivatives can be substantially greater than the derivatives' original cost.

<br> **Performance.** The performance information shown provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compared with those of a broad-based securities market index and an additional index that the Adviser believes more closely reflects the market segments in which the Fund invests. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance products. If these amounts were reflected, returns would be less than those shown.

**Annual Total Returns as of December 31**

**Class A**

![PerformanceBarChartData(2017:16.04, 2018:-5.7, 2019:28.77, 2020:14.52, 2021:24.25, 2022:-16.44, 2023:12.33, 2024:6.97, 2025:1.83)](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 21.99%; **Worst Quarter (ended 3/31/2020):** -25.02%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2018:-5.45, 2019:29.1, 2020:14.96, 2021:24.56, 2022:-16.18, 2023:12.64, 2024:7.32, 2025:2.13)](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 22.08%; **Worst Quarter (ended 3/31/2020):** -24.93%

---

| | | | |
|:---|:---|:---|:---|
| **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 US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.69% |
| Morningstar US Mid Cap Index (reflects no deduction for fees, expenses, or taxes) | 10.12% | 8.91% | 11.52% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2025** | | | |
| | **1 year** | **5 year** | **Life of Class (September 25, 2017)** |
| JNL Multi-Manager Mid Cap Fund (Class I) | 2.13% | 5.21% | 8.24% |
| Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 17.21% | 13.13% | 14.16% |
| Morningstar US Mid Cap Index (reflects no deduction for fees, expenses, or taxes) | 10.12% | 8.91% | 10.86% |

---

**Portfolio Management.**

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

**Sub-Advisers:** <br> FIAM LLC ("FIAM")

Invesco Advisers, Inc. ("Invesco")<br> River Road Asset Management, LLC ("River Road")<br> Victory Capital Management Inc. ("Victory Capital")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| William Harding, CFA | September 2016 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2016 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2016 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | April 2026 | Director and Portfolio Manager, JNAM |
| Shilpa Mehra | June 2026 | Portfolio Manager, FIAM |
| Ronald J. Zibelli, Jr., CFA | June 2026 | Lead Portfolio Manager, Invesco |
| Justin Livengood, CFA | June 2026 | Portfolio Manager, Invesco |
| Matthew W. Moran, CFA | June 2025 | Portfolio Manager, River Road |
| Daniel R. Johnson, CFA, CPA | June 2025 | Portfolio Manager, River Road |
| Gary H. Miller | September 2016 | Chief Investment Officer and Lead Manager, Victory Capital/Sycamore Capital |
| Gregory M. Conners | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |
| James M. Albers, CFA | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |
| Michael F. Rodarte, CFA | September 2016 | Co-Portfolio Manager, Victory Capital/Sycamore Capital |

---

**Purchase and Redemption of Fund Shares** 

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

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

**Tax Information**

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

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

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