# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000030
**Filing Date:** 2026-1
**Character Count:** 23481
**Document Hash:** 25026ff8619d0922216299c7af6b1dc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000030.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0000933691-26-000030

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**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:** 26555947

**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 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) |  |

**Summary Prospectus – April 28, 2025, as amended January 23, 2026**

**JNL/T. Rowe Price Mid-Cap Growth Fund**

**Class A**

**Class I**

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

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

**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 | 0.57% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.10% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.98% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

---

| | |
|:---|:---|
| **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 | 0.57% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.10% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.68% |

---

<sup>1</sup> "Other Expenses" include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect expenses of investing in other investment companies. Accordingly, the expense ratio presented in the Financial Highlights section of the prospectus will not correlate to the Total Annual Fund Operating Expenses disclosed above.

**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 Mid-Cap Growth Fund Class A** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class A** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class A** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $100 | $312 | $542 | $1201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund Class I** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class I** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class I** | **JNL/T. Rowe Price Mid-Cap Growth Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $69 | $218 | $379 | $847 |

---

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

---

| | |
|:---|:---|
| **Period** | |
| 1/1/2024 - 12/31/2024 | 22% |

---

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes), under normal circumstances, in a broadly diversified portfolio of common stocks of medium-sized (mid-capitalization) companies whose earnings T. Rowe Price Associates, Inc., the Fund's sub-adviser ("Sub-Adviser"), expects to grow at a faster rate than the average company.

The Sub-Adviser defines mid-capitalization companies as those whose market capitalization, at the time of acquisition by the Fund, falls within the capitalization range of companies in the S&P Mid Cap 400 Index or the Russell MidCap<sup>®</sup> Growth Index. The market capitalization of companies in the Fund's portfolio, the S&P Mid Cap 400 Index and the Russell MidCap<sup>®</sup> Growth Index changes over time. As of December 31, 2024, the market capitalization range for the S&P Mid Cap 400 is $1.6 billion to $23.0 billion. As of December 31, 2024, the market capitalization range for the Russell MidCap Growth is $900 million to $164.9 billion. However, the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization subsequently grows or otherwise falls outside these ranges.

The Fund may at times invest significantly in certain sectors.

In addition, the Fund on occasion will purchase stock of some larger and smaller companies that have qualities consistent with the portfolio's core characteristics but whose market capitalization is outside the capitalization range of mid-cap companies (as defined above) at the time of purchase. The Fund may also invest up to 25% of its total assets, (excluding reserves) in foreign securities, including securities and instruments that are economically tied to emerging markets, and 10% of its assets in futures.

The Fund's investments may include holdings in companies that only recently began to trade publicly.

**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:

· *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.

· *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).

· *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.

· *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.

· *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.

· *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.

· *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.

· *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.

· *Privately placed securities risk* – The Fund's investments may also include privately-placed securities, which are
subject to resale restrictions. Investments in these securities usually will decrease a Fund's liquidity level to the extent the
Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in
purchasing the securities. The illiquid nature of the market for privately placed securities, as well as the lack of publicly available
information regarding these securities, may also adversely affect the Fund's ability to fair value such securities at certain times
and could make it difficult for the Fund to sell them. The Fund could lose money on such investments.

· *Investments in IPOs risk* **–** IPOs issued by unseasoned companies with little or no operating history are risky and
highly volatile.

· *Liquidity risk* – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities)
may reduce returns if the Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure
to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions
of trading. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

· *Investment strategy risk* **–** The Sub-Adviser uses the principal investment strategies and other investment strategies
to seek to achieve the Fund's investment objective. Investment decisions made by the Sub-Adviser in accordance with these investment
strategies may not produce the returns the Sub-Adviser expected, and may cause the Fund's shares to decline in value or may cause
the Fund to underperform other funds with similar investment objectives.

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

· *Company risk* **–** Investments in U.S. and/or foreign-traded equity securities may fluctuate more than the values
of other types of securities in response to changes in a particular company's financial condition.

<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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods

shown. If such arrangements had not been in place, performance for those periods would have been lower. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

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

Effective April 29, 2024, the Morningstar<sup>®</sup> US Market Extended Index℠ replaced the Morningstar<sup>®</sup> US Mid Cap Broad Growth Index℠ as the Fund's broad-based securities market index in accordance with new regulatory disclosure requirements. The Morningstar<sup>®</sup> US Mid Cap Broad Growth Index℠ is included as an additional index for the Fund because the Adviser believes it more closely reflects the market segments in which the Fund invests.

**Annual Total Returns as of December 31**

**Class A**

**Best Quarter (ended 6/30/2020):** 27.86%; **Worst Quarter (ended 3/31/2020):** -23.41%

**Annual Total Returns as of December 31**

**Class I**

![](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 27.95%; **Worst Quarter (ended 3/31/2020):** -23.34%

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/T. Rowe Price Mid-Cap Growth Fund (Class A) | 9.17% | 7.32% | 9.89% |
| Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 23.81% | 13.84% | 12.56% |
| Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.04% | 11.14% | 11.11% |

---

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of 12/31/2024** | | | |
| | **1 year** | **5 year** | **10 year** |
| JNL/T. Rowe Price Mid-Cap Growth Fund (Class I) | 9.51% | 7.65% | 10.19% |
| Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes) | 23.81% | 13.84% | 12.56% |
| Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes) | 18.04% | 11.14% | 11.11% |

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**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:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| Ashley R. Woodruff, CFA | January 2025 | Chairperson of Investment Advisory Committee, T. Rowe Price |
| Donald J. Easley, CFA | January 2025 | Co-Chair of Investment Advisory Committee, 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.