# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0000933691-26-000167
**Filing Date:** 2026-4
**Character Count:** 31474
**Document Hash:** af183865619841c3582c0cab2a4c104e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933691-26-000167.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000933691-26-000167

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-87244
- **FILM NUMBER:** 26896511

**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 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) |  |

**Summary Prospectus – April 27, 2026**

**JNL Multi-Manager Floating Rate Income Fund**

**Class A**

**Class I**

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

**Investment Objective.** The investment objective of the Fund is to seek to provide a high level of current income.

**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 | 0.47% |
| Distribution and/or Service (12b-1) Fees | 0.30% |
| Other Expenses<sup>1</sup> | 0.17% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.95% |

---

<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> 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 | 0.47% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.17% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.65% |

---

<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> 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund Class A** | **JNL Multi-Manager Floating Rate Income Fund Class A** | **JNL Multi-Manager Floating Rate Income Fund Class A** | **JNL Multi-Manager Floating Rate Income Fund Class A** |
| 1 year | 3 years | 5 years | 10 years |
| $97 | $303 | $525 | $1166 |

---

---

| | | | |
|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund Class I** | **JNL Multi-Manager Floating Rate Income Fund Class I** | **JNL Multi-Manager Floating Rate Income Fund Class I** | **JNL Multi-Manager Floating Rate Income Fund Class I** |
| 1 year | 3 years | 5 years | 10 years |
| $66 | $208 | $362 | $810 |

---

**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 | 52% |

---

**Principal Investment Strategies.** Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in income-producing floating rate instruments, including floating rate loans, floating rate notes, other floating rate debt securities, structured products (including commercial mortgage-backed securities, asset-backed securities, and collateralized loan obligations, which are debt securities typically issued by special purpose vehicles and secured by loans), and repurchase agreements.

Additionally, for purposes of satisfying the 80% requirement, the Fund has the ability to invest in other investment companies, such as exchange-traded funds ("ETFs") comprised of the securities described above, short term bond funds and floating rate funds. The Fund generally uses ETFs as a tool to obtain exposure to the securities in which it primarily invests. Money market holdings with a remaining maturity of less than 60 days will be deemed floating rate assets for purposes of the 80% requirement.

The Fund consists of two strategies, sometimes referred to as "sleeves." One sleeve is managed by an unaffiliated investment manager, FIAM LLC ("FIAM"), and the other sleeve is managed by an affiliated investment manager, PPM America, Inc. ("PPM", and together with FIAM, the "Sub-Advisers"). Each Sub-Adviser generally provides day-to-day management for a portion of the Fund's assets.

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 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.

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

*PPM America Floating Rate Income Strategy*

PPM constructs the PPM America Floating Rate Income Strategy by investing primarily in U.S. dollar denominated senior floating rate loans of domestic and foreign borrowers ("Senior Loans"). Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics, and are commonly known as "junk bonds."

The PPM America Floating Rate Income Strategy may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans ("Junior Loans"), debtor-in-possession loans, mezzanine loans, fixed-income debt obligations, corporate bonds and money market instruments. Junior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics.

The PPM America Floating Rate Income Strategy may invest up to 20% of its net assets in cash and non-floating rate debt securities, including lower-rated debt securities ("high yield"), commonly known as "junk bonds," and equity securities. Below investment grade securities typically offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative.

*FIAM Floating Rate High Income Strategy*

FIAM LLC constructs the FIAM Floating Rate High Income Strategy by normally investing primarily in floating rate loans, which are often lower-quality debt securities (those of less than investment-grade quality, also referred to as "junk bonds"), and other floating rate securities. The FIAM Floating Rate High Income Strategy may invest in companies in troubled or uncertain financial condition,

money market and investment-grade debt securities, and repurchase agreements, and domestic and foreign issuers. FIAM LLC uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

**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:

· *Credit risk* **–** Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty,
or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt instrument can decline
in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment.
The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase
agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise
honor its obligations.

· *Corporate loan, sovereign entity loan, and bank loan risk –* Commercial banks, sovereign entities, and other financial
institutions or institutional investors make corporate loans to companies or sovereign entities that need capital to grow, restructure,
or for infrastructure projects. These instruments are commonly referred to as "loans" or "bank loans." Borrowers
generally pay interest on corporate loans at "floating" rates that change in response to changes in market interest rates
such as the Secured Overnight Financing Rate ("SOFR") or the prime rates of U.S. banks. As a result, the value of such loan
investments is generally less exposed to the adverse effects of interest rate fluctuations than investments that pay a fixed rate of interest.
However, the market for certain loans may not be sufficiently liquid, and the Fund may have difficulty selling them. It may take longer
than seven days for transactions in loans to settle. As a result, sale proceeds related to the sale of loans may not be available to make
additional investments until a substantial period after the sale of the loans. Certain loans may be classified as "illiquid"
securities. Additionally, because a loan may not be considered a security, the Fund may not be afforded the same legal protections afforded
securities under federal securities laws. Thus, the Fund generally must rely on contractual provisions in the loan agreement and common-law
fraud protections under applicable state law.

· *Senior loans risk* – The senior loans in which the Fund invests are usually rated below investment grade. The amount of
public information with respect to loans may be less extensive than that available for registered or exchange listed securities. An economic
downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. A secured
senior loan may not be adequately collateralized. Moreover, any specific collateral used to secure a senior loan may decline in value
or become illiquid, which would adversely affect the senior loan's value.

· *Prepayment risk* **–** During periods of falling interest rates, a debt security with a high interest rate may be prepaid
before its expected maturity date. The Fund may have to reinvest the proceeds in an investment that may have lower yields than the yield
on the prepaid debt security. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price
of a debt instrument depends on the terms of the instrument.

· *Interest rate risk* **–** When interest rates increase, fixed-income securities generally will decline in value. Long-term
fixed income securities normally have more price volatility than short-term fixed income securities. The value of certain equity investments,
such as utilities and real estate-related securities, may also be sensitive to interest rate changes.

· *Second lien loans risk* – Second lien loans generally are subject to similar risks as those associated with investments
in senior loans. Because second lien loans are subordinated and thus lower in priority of payment to senior loans, they are subject to
the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled
payments after giving effect to the senior secured obligations of the borrower.

· *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.

· *Settlement risk* **–** Settlement risk is the risk that a settlement in a transfer system does not take place as expected.
Loan transactions often settle on a delayed basis compared with securities and the Fund may not receive proceeds from the sale of a loan
for a substantial period after the sale, potentially impacting the ability of the Fund to make additional investments or meet redemption
obligations. It may take longer than seven days for transactions in loans to settle. In order to meet short-term liquidity needs, the
Fund may draw on its cash or other short-term positions, maintain short-term or other liquid assets sufficient to meet reasonably anticipated
redemptions, or maintain a credit facility.

· *Consumer discretionary risk* – If the Fund invests a significant portion of its assets in issuers in the consumer discretionary
sector of the market, the Fund may be more affected by events influencing the consumer discretionary sector than a fund that is more diversified
across numerous sectors. An investment in issuers in the consumer discretionary sector can be significantly affected by the performance
of the overall economy, interest rates, competition and consumer confidence. Success of these companies can depend heavily on disposable
household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, products
of consumer discretionary companies.

· *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.

· *High-yield bonds, lower-rated bonds, and unrated securities risk* – High-yield bonds, lower-rated bonds, and unrated securities
are broadly referred to as "junk bonds," and are considered below "investment-grade" by national ratings agencies.
Junk bonds are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. As a result,
an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and the Fund may not be able
to sell a high-yield bond at the price at which it is currently valued.

· *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.

· *Distressed debt risk* – The Fund may invest in securities of issuers that are, or are about to be, involved in reorganizations,
financial restructurings, or bankruptcy (also known as "distressed debt"). Such distressed debt securities involve substantial
risk in addition to the risks of investing in lower-grade debt securities. To the extent that the Fund invests in distressed debt, the
Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying
to protect its interests in distressed debt.

· *Debt securities ratings risk –* The use of credit ratings in evaluating debt securities can involve certain risks, including
the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by
a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are accurate.

· *Income risk* – The Fund is subject to the risk that the income generated from the Fund's investments may decline
in the event of falling interest rates. Income risk may be high if the Fund's income is predominantly based on short-term interest
rates, which can fluctuate significantly over short periods. The Fund's distributions to shareholders may decline when interest
rates fall.

· *Leverage risk* **–** Certain derivative transactions involve the use of leverage and may cause the Fund to liquidate
portfolio positions at disadvantageous times to satisfy its obligations. The effect of using leverage is to amplify the Fund's gains
and losses in comparison to the amount of the Fund's assets (that is, assets other than borrowed assets) at risk, which may cause
the Fund's portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net
assets of the Fund.

· *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.

· *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.

· *Counterparty risk* **–** Transactions involving a counterparty are subject to the credit risk of the counterparty.
A fund that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or derivatives contracts, or
that lends its securities, runs the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise
honor its obligations. If a counterparty fails to meet its contractual obligations, files for bankruptcy, or otherwise experiences a business
interruption, the Fund could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments
it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.

· *Temporary defensive positions and large cash positions risk* **–** In anticipation of, or in response to, adverse market
or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions, and/or Fund mergers or rebalances,
the Fund may temporarily hold all or a significant portion of its assets in cash, cash equivalents, affiliated and unaffiliated money
market funds, or high quality debt instruments. Taking a defensive or large cash position may reduce the potential for appreciation of
the portfolio and may affect performance.

· *Exchange-traded funds investing risk –* An investment in an ETF generally presents the following risks: (i) the same primary
risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies
and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective;
(iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its

net asset value; (v) the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF's fees and expenses as well as their share of the Fund's fees and expenses.

· *Investment in other investment companies risk –* As with other investments, investments in other investment companies,
including exchange-traded funds, are subject to market risk. In addition, if the Fund acquires shares of investment companies, including
ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory
fees) and, indirectly, the expenses of the investment companies in which the Fund invests. To the extent that shares of the Fund are held
by an affiliated fund, the ability of the Fund itself to invest in other investment companies may be limited.

· *Investment in money market funds risk* **–** Although a money market fund is designed to be a relatively low risk investment,
it is not free of risk. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or
any other government agency. Although such funds seek to maintain a net asset value of $1.00 per share, it is possible to lose money by
investing in a money market fund.

<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(2016:9.42, 2017:2.92, 2018:-1.02, 2019:8.21, 2020:0.46, 2021:3.73, 2022:-4.65, 2023:13.16, 2024:8.13, 2025:3.83)](image_001.jpg)

**Best Quarter (ended 6/30/2020):** 7.94%; **Worst Quarter (ended 3/31/2020):** -12.52%

**Annual Total Returns as of December 31**

**Class I**

![PerformanceBarChartData(2018:-0.82, 2019:8.6, 2020:0.73, 2021:4.06, 2022:-4.34, 2023:13.52, 2024:8.39, 2025:4.13)](image_002.jpg)

**Best Quarter (ended 6/30/2020):** 8.00%; **Worst Quarter (ended 3/31/2020):** -12.47%

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| | | | |
|:---|:---|:---|:---|
| **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 LSTA US Leveraged Loan Index (reflects no deduction for fees, expenses, or taxes) | 5.90% | 6.42% | 5.83% |

---

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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 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 LSTA US Leveraged Loan Index (reflects no deduction for fees, expenses, or taxes) | 5.90% | 6.42% | 5.48% |

---

**Portfolio Management.**

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

**Sub-Advisers:** <br> PPM America, Inc. ("PPM")<br> FIAM LLC ("FIAM")

**Portfolio Managers:**

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| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:** |
| William Harding, CFA | September 2022 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2022 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2022 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | April 2026 | Director and Portfolio Manager, JNAM |
| Adam Spielman | June 2018 | Portfolio Manager, PPM |
| John Broz | February 2023 | Portfolio Manager, PPM |
| Eric Mollenhauer | September 2022 | Portfolio Manager, FIAM |
| Kevin Nielsen | September 2022 | Portfolio Manager, FIAM |
| Chandler Perine | October 2022 | Portfolio Manager, FIAM |

---

**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.