# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-25-000424
**Filing Date:** 2025-7
**Character Count:** 17355
**Document Hash:** 26dc04ec6ca03d3639923c42da0bde69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-25-000424.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0000933691-25-000424

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 251136067

**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/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) |  |

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

#### JNL/T. Rowe Price Capital Appreciation Equity Fund

#### Class A

#### Class I
Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and most recent reports to shareholders, online at https://www.jackson.com/fund-literature.html. You can also get this information at no cost by calling 1-800-644-4565 (Annuity and Life Service Center), 1-800-599-5651 (NY Annuity and Life Service Center), 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), or by sending an email request to <u>ProspectusRequest@jackson.com</u>. The current Prospectus and SAI, both dated April 28, 2025, as amended, are incorporated by reference into (which means they legally are a part of) this Summary Prospectus.

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

**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 | 0.55% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses | 1.00% |

---

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<br> (Expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class I** |
| Management Fee | 0.55% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.15% |
| Total Annual Fund Operating Expenses | 0.70% |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Equity Fund Class A** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class A** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class A** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $102 | $318 | $552 | $1225 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Equity Fund Class I** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class I** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class I** | **JNL/T. Rowe Price Capital Appreciation Equity Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $72 | $224 | $390 | $871 |

---

**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** |  |
| 10/21/2024 - 12/31/2024 | 11% |

---

**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 made for investment purposes) in equity securities. The equity securities in which the Fund invests include common stocks, securities convertible into common or preferred stocks and warrants and equity-related instruments. The Fund may purchase the stocks of companies of any size but typically focuses on large U.S. companies.

T. Rowe Price Associates, Inc., the Fund's sub-adviser ("Sub-Adviser") takes a core approach to stock selection, which means that the Sub-Adviser uses both growth and value styles of investing. The Sub-Adviser typically constructs the portfolio in a "bottom up" manner, an approach that focuses more on evaluations of individual stocks than on analysis of overall economic trends and market cycles.

In selecting stocks for the Fund, the Sub-Adviser typically seeks out companies with one or more of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;• experienced and capable management,

&nbsp;&nbsp;&nbsp;&nbsp;• strong risk-adjusted return potential,

&nbsp;&nbsp;&nbsp;&nbsp;• leading or improving market position or proprietary advantages, and/or

&nbsp;&nbsp;&nbsp;&nbsp;• attractive valuation relative to a company's peers or its own historical norm.

The Fund seeks to maintain approximately 100 securities in the portfolio. The Fund's sector allocations are largely the result of the Sub-Adviser's focus on stock selection. At times, the Fund may have a significant portion of its assets invested in the same economic sector, such as the information technology and healthcare sectors.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Investment style risk* –
 The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to
 increase the price of the security do not occur. 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).

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Large-capitalization investing risk* – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform
 funds that focus on other types of stocks.

&nbsp;&nbsp;&nbsp;&nbsp;• *Stock risk –* Stock markets
 may experience significant short-term volatility and may fall sharply at times. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. 
 The prices of individual stocks generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company's stock.

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

&nbsp;&nbsp;&nbsp;&nbsp;• *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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Health care sector risk* **–** An investment in issuers in the health care sector may be adversely affected by government regulations and government health care programs
 and increases or decreases in the cost of medical products and services. Health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are also
 subject to extensive litigation based on product liability and similar claims. Regulatory approvals are generally required before new drugs and medical devices or procedures may be introduced and before the acquisition of additional
 facilities by health care providers, all of which may be time consuming and costly with no guarantee that any product will come to market. Health care companies are also subject to competitive forces that may make it difficult to raise prices
 and, in fact, may result in price discounting. Health care companies may also be thinly capitalized and susceptible to product obsolescence.

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

<br>**Performance.** Performance for the Fund has not been included because the Fund has less than one full calendar year of operations.

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

**Sub-Adviser:**<br> T. Rowe Price Associates, Inc. ("T. Rowe Price")

**Sub-Sub-Adviser:**<br> T. Rowe Price Investment Management, Inc. ("Price Investment Management")

#### Portfolio Manager:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| David R. Giroux, CFA | October 2024 | Portfolio Manager, Chief Investment Officer, Investment Strategy Head and Chairman of Investment Advisory Committee, T. Rowe Price |
| Vivek Rajeswaran, CFA | June 2025 | Portfolio Manager, T. Rowe Price |
| Mike Signore | June 2025 | Portfolio Manager, T. Rowe Price |
| Brian Soloman, CFA | June 2025 | Portfolio Manager, T. Rowe Price |

---

#### 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.